Joint Venture Development Agreement
Many property developers will join together to undertake property development. This allows expertise and specialist knowledge to be shared in order to make a profit. A joint venture agreement is made between property developers or more parties. It is important to seek independent legal advice before entering into a joint venture agreement so you can ensure your specific needs, concerns, and conditions are upheld or met.
Although a joint venture agreement is a form of a development agreement, these can take many other forms depending on the nature of the project.
There are a number of factors that need to be considered when structuring a joint venture project. For example, the joint venture agreement will need to include the following:
- The scope and nature of the project
- The objectives of each party
- The degree of control and input each party is to have
- How the project is to be funded
- Who is to be responsible for the day-to-day management of the project
- What is the agreed duration of the project
- How to resolve disagreements or deadlocks reached under the terms of the joint venture
- If a party wishes to leave the joint venture, how this is to be dealt with
Attwells Solicitors are property law experts, our lawyers are experienced in drafting comprehensive joint venture agreements for building contracts. As result, you can trust us to draw up a joint agreement with all the necessary provisions, contributions, and objectives.
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