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Joint Venture Agreement 3
Joint Venture Agreement 3
Joint Venture Agreement
(All Members Are Disclosed)
This Joint Venture Agreement made and entered
into this day of _______________ 20____ by
and between,___________________________________ , with its principal office and
place of business in ____________________________________________________,
and___________________________________________________, with its principal office and
place of business in ____________________________________________, both of whom
collectively are sometimes referred to as the "Joint Venturers",
WHEREAS, the Joint Venturers submitted a bid and a contract has been awarded by ___________________________________
(hereinafter referred to as the "Owner"), for the construction of a Project described as __________________________________
_____________________________________________________ (hereinafter being referred to as the "Project"); and
WHEREAS, the parties hereto desire that their interest in the services to be rendered and the work to be done under the construction
contract and any profits derived therefrom and any liability for losses arising out of the performance thereof be defined by an
agreement in writing;
NOW, THEREFORE, said parties hereto hereby constitute themselves as joint Venturers for the purpose of performing and
completing the said construction contract, but not for any other purposes, it being expressly understood that this agreement
contemplate only the furnishing and performance of the work, labor, service, materials, plant, equipment and supplies necessary for
the completion of the construction of the Project and that the parties are not making any permanent partnership agreement or joint
venture agreement to bid for or
undertake any contracts other than the said construction contract, and nothing in this agreement shall be construed as a limitation of
the powers or rights of any party hereto to carry on its separate business for its sole benefit except, however, the parties hereto shall
cooperate with each other according to the terms and spirit hereof in the performance of said construction contract.
To carry out the Joint Venture the parties hereto mutually agree as follows:
1. The work to be performed by the Joint Venture shall consist of the Contract and any change orders or supplemental agreements
entered into with the owner in connection with the aforedescribed Project, all of which are hereinafter referred to as the "Contract"
and shall be performed by the joint Venture operating under the name of
2. Each of the parties shall have an undivided interest in the Joint Venture, shall contribute all necessary working capital and shall
participate in its net gains and profits and share in its losses and liabilities in the proportion set opposite its name in the next
succeeding sentence. In addition, the interest of the parties hereto in and to the Contract, and in and to any and all property and
equipment acquired in connection with the performance thereof (except as hereinafter provided) and in and to any and all moneys
which may be derived from the performance thereof, and the obligations and liabilities of each of the parties hereto as between
themselves in connection with the Contract and with respect to any and all liabilities, costs and expenses in connection therewith,
shall be in the following proportions, viz.:
Name Percentage
_______________________________________________ ____________%
_______________________________________________ ____________%
Each party shall have an equal voice in the determination of any matter involving the business of the Joint Venture until and unless
paragraph 21 hereof should become applicable. Each party does hereby agree to indemnify the other against any loss or liability
exceeding the proportions, hereinabove stated, for whatever reason, including any payments required to be made in, and about, the
performance of the Contract.
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Joint Venture Agreement 3