An unincorporated joint venture / consortium agreement with a JV leader and participants to provide service to a client in a particular jurisdiction. The association is for services required for a specific project, rather than for a more permanent type of arrangement. This agreement is drafted for 5 parties and in Neutral Form.
The JV Leader intends to [INTENTION]. [PARTICIPANTS] (along with the JV Leader, each a "Participant", together the "Participants") have agreed to form a joint venture to provide the required services.
Each Participant shall be reimbursed the costs and expenses incurred by it in connection with the promotion, preparation, negotiation and submission of the Proposal, as prescribed in Schedule 4.
If Schedule 4 does not prescribe the reimbursement of the promotional costs and expenses, each Participant shall bear the costs and expenses which it incurs.
All payments to the Participants shall be made in accordance with Schedule 4 and the financial policy of the Joint Venture is as set out in that Schedule.
Each Participant shall be responsible for keeping its own accounts in respect of payments due to it and for its own financial affairs generally. Each Participant shall be responsible for dealing with its own income tax affairs, and its own social security affairs where relevant, and for accounting accordingly to the relevant authorities.
The JV Leader shall be responsible for providing the Financial Administration Services as set out in Schedule 2.
Unless the Participants agree otherwise, the Participants severally shall provide guarantees and bonds in proportion to their respective shares in the Services sufficient for the total of guarantees and bonds required of the Joint Venture by the Client. The Participants severally shall be responsible for any administration and required extensions of the guarantees and bonds they have provided.
joint venture agreement,