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Joint Venture Agreement 1
Joint Venture Agreement 1
THIS JOINT VENTURE AGREEMENT IS MADE the day of year
BETWEEN:
1) of (the ‘First Joint Venturer’); and
2) of (the ‘Second Joint Venturer’)
hereinafter called the ‘Joint Venturers’.
In consideration of the terms, conditions and covenants hereinafter set forth, the parties
agree as follows:
1. The Joint Venturers hereby form a joint venture (‘the Joint Venture’) for the purpose
of
and shall conduct business under the name
at
2. The term of the Joint Venture shall be
3. The capital of the Joint Venture shall consist of £ .
The First Joint Venturer shall contribute £
The Second Joint Venturer shall contribute £
These funds shall be deposited in Bank Plc and shall be
disbursed only upon the signatures of all the Joint Venturers.
4. The profits and losses of the Joint Venture shall be determined in accordance with
good accounting practices and shall be shared amongst the Joint Venturers in proportion
to their respective capital contributions.
5. shall have the sole discretion, management
and entire control of the conduct of the business of the Joint Venture as the Venture
Manager.
7. Each joint Venturer shall be bound by any action taken by the Joint Venture Manager
in good faith under this agreement. In no event shall any joint Venturer be called upon to
pay any amount beyond the liability arising against him/ her on account of his capital
contribution.
8. The Venture manager shall not be liable for any error in judgement or any mistake in
law or fact or any act done in good faith in the exercise of the power and authority as
Venture Manager, but shall be liable for gross negligence or wilful default.
9. The relationship between the Joint Venturers shall be limited to the performance of
the terms and conditions of this agreement. Nothing herein shall be construed to create a
general partnership between Joint Venturers, or to authorise any Venturer to act as
general agent for another, or to permit any Joint venturer to bind the other except as set
forth in this agreement, or to borrow money on behalf of another Joint Venturer, or to use
the credit of any Joint Venturer for any purpose.
Joint Venture Agreement
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