The capital contribution to the Joint Venture actually made by the parties, including property, cash and any additional capital contributions made. 10 0 obj - making arrangement for the safeguard of the assets procured from the fund of Client and keep up to date of records thereof. 2i]��L�������U���ܗ�D�yl�d8'$g���r�z�ekyέ��$�LV�%"�6�N�r@r�dU��Y�u���I �9�V��X��j�VM'�e$�Lb�@��a@p圞S�$�Lb�Bp[œU؅JSNH�mbX]6�!�)o�G���H�O���R��Fvy���J�%r�JP�4���{F� H֙̄=jQ�`���N�v, 9g2���8�i5Su}@r� ;� The sharing of the Profit/(Loss) out of the JV activities on completion of the Contract period and closure of the activities shall be as follows: Name of the JV members and their share there of: 17. 9.1. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. The selection process can be more lengthy and complicated. This Agreement is made and entered into as of the, by and between. owner, The parties to this Agreement shall have no liability to the other for any loss suffered which arises out of any action or inaction if, in good faith, it is determined that such course of conduct was in the best interests of the Joint Venture and such course of conduct did not constitute negligence or misconduct. However, the liability in case of the . ARTICLE III OBLIGATIONS OF THE JOINT VENTURERS. (C) Mutual agreement of the parties. There is significant potential for the minimization of owner effort in managing the construction, assuming the design-builder performs responsibly and ethically. Any alterations or additions to the Services to be carried out under the Contract shall be made only with the consent or on the instructions of the Client in accordance with the Contract. Courts will look to those named as representatives to address and resolve disputes between parties. 10.06 Applicable Law and Venue. 6.01 Validity of Transactions. Name of the signatories of the JV Members and the witness thereof for Validation/approval of the agreement. [�+��d�ă���q��[�� ��6G��y3>9��e�l��&� f4�n&���_RM3(�U�}�!���1��;�4���(�� ��O�Yn��/��.���������>���:ӔI;R҄�ط1F�Ea~�W��z��5����Z�� Hm�k�]�T��i��%���W վ�L���T�b stream 1.01 Business Purpose. The headings, titles and subtitles used in this Agreement are for ease of reference only and shall not control or affect the meaning or construction of any provision hereof. Any actions taken by the other Member against the defaulting Member pursuant to the preceding Sub-Clauses of hereof shall be without prejudice to any rights to which he may be entitled at law against the defaulting Member; 12.6. Each Member shall be responsible for fulfilling the obligations prescribed in Contract with the Client in accordance with the terms of the Contract with the Client to the satisfaction of the Client, subject to Sub-Clauses 4.3 and 4.4 below; 4.3. 18.1. 10.04 Headings. ,X�t�U�V+V��%����2dHƟ��p�����/��by~�n�r��9s�L�~����2����@��_~9��=z��2e�H��S�^t�E\�С�^{����q��+Q�\9� �s΅>ZfԨQbTX�ѣG6��42 ���/U��tq� fϞX����ڵk+%�ŵ=����mۊ)B7o�. Upon completion or earlier termination of the Contract and receipt of all amounts due thereunder, the remaining Member(s) shall account to the Member in default which shall be entitled to receive an amount equal to any sums provided by the defaulting Member towards any general funds which shall not previously have been expended, plus such Members share of any funds of the Joint Venture due to it, reduced by any losses or damage occasioned by its default; 12.10. Do not use the form to submit confidential, privileged, or sensitive information. For Further Details Contact: THIS JOINT VENTURE AGREEMENT (“Agreement”), made and entered into as of this _____ day of _____, 20___, by and between __________of __________ (“_”) and __________ of __________ (“_”). The validity of any transaction, agreement or payment involving the Joint Venture and any Affiliates of the parties to this Agreement otherwise permitted by the terms of this Agreement shall not be affected by reason of the relationship between them and such Affiliates or the approval of said transactions, agreement or payment. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.