An unincorporated joint venture for a specific project. Two joint venture partners join forces to complete a particular project. The agreement ensures the relationship is characterised as a joint venture and not a partnership, agency or trust. A management committee is constituted to undertake the business of the joint venture and represent each party.
The Joint Venture Agreement covers the mechanics of the joint venture project including:
- Meetings of the management committee
- Voting rights of joint venturers
- Decision making procedures
- Appointment of a project manager
- Mutual indemnity
- Winding up of the joint venture.
- apportionment of profits and losses.
Most variables are contained in a Schedule to the Joint Venture Agreement for ease of drafting.
9 pages long.
A joint venture is an association of persons formed for the purpose of pursuing a particular business objective together. It involves a level of integration between the participants which is less than would amount to a merger. The term ‘joint venture’ does not have a settled common law meaning in Australia,1 reflecting the fact that joint ventures can take various forms. A joint venture may be undertaken through a partnership or some other form of unincorporated association or through an incorporated body. A joint venture is usually undertaken to pursue a single project and is often intended to last for a limited period. The relationship between the participants in a joint venture is usually governed by a joint venture agreement.