Joint Venture Agreements
Joint Venture Agreements are used when two or more parties come together to perform a specific business venture (e.g. develop a parcel of land into residential blocks or to build a block of units etc.).
A classic example is where a builder enters into a joint venture with the owner of land to build a block of units on the land and subsequently sell these and share the profits. The Joint Venture Agreement would set out the terms of the undertaking including the contributions of the parties, borrowings, marketing and sale of the units, an agreed value of the respective contributions (i.e. the land and the building costs) and the percentage split of the profits. It would also include mechanisms for what would happen if there is a dispute or the project is frustrated through the intervention of third parties (e.g. Council approvals, protest groups, natural disasters etc.).
Joint Venture Agreements are essential for any commercial partners undertaking significant projects with each other.
Attwood Marshall Lawyers have senior experienced commercial lawyers who specialise in this complex area of law. It is very important that you obtain correct legal advice concerning your business structuring. It is never too late to review your structures and we recommend that you regularly review your situation, along with your estate planning and insurance requirements.
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Northern NSW & Gold Coast, Queensland
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