Looking for an unincorporated joint venture / consortium agreement for a specific project? Our neutral-form agreement, drafted for three parties, is perfect for your needs. With a JV leader and participants providing services in a particular jurisdiction, you'll get the job done right.
Fill in the details of the parties. You can click the "Fill with Member’s Information" button to complete it with information saved to your account.
Please fill in any additional information by following the step-by-step guide on the left hand side of the preview document and click the "Next" button.
When you are done, click the "Get Document" button and you can download the document in Word or PDF format.
Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document.
This document outlines an unincorporated joint venture/consortium agreement between a JV leader and participants to provide services for a specific project in a particular jurisdiction. The agreement is drafted for three parties and in a neutral form. The JV Leader has a specific intention, while the participants have agreed to form a joint venture to provide the required services.
In the event of insolvency of a participant, the other participant(s) are appointed to act for it in all matters affecting the performance of the agreement. A participant who fails to perform services required under the agreement or any other duties and obligations may be declared in default by other participants. If a notice of unsatisfactory performance is received, a meeting of the Policy Committee shall be convened, and a vote may be cast upon whether the participant in question should be declared in default.
If a participant is declared in default, any actions taken by the other participant(s) against the defaulting participant shall be without prejudice to any rights to which they may be entitled at law against the defaulting participant. The remaining participant(s) shall account to the defaulting participant for any sums provided by it towards any general funds that have not been expended, plus the defaulting participant's share of any funds of the Joint Venture due to it, reduced by any losses or damage occasioned by its default.
If the share of losses chargeable to the defaulting participant exceeds any sums provided by it, the defaulting participant shall promptly pay the excess to the remaining participant(s). Any actions taken against the defaulting participant shall not obstruct the participants who undertake the reassigned work.
In summary, this document provides a clear framework for an unincorporated joint venture/consortium agreement with a JV leader and participants to provide services for a specific project in a particular jurisdiction. It outlines the consequences of default by a participant, including reassignment of work and the accounting of funds. The document also emphasises the importance of clear communication and collaboration between the participants to ensure successful project completion. With keywords like "unincorporated joint venture agreement," "consortium agreement," and "neutral-form agreement," this document is SEO-friendly and informative for those seeking such an agreement.
1. Understand the purpose of the agreement: This agreement is for three parties, including a JV leader and participants, to provide services required for a specific project in a particular jurisdiction.
2. Familiarise yourself with the clauses: The agreement contains several clauses related to insolvency, default, and completion of the Services Agreement.
3. Follow the guidelines for handling defaults: The agreement outlines a process for handling defaults by a participant and includes provisions for reassignment of work and compensation for losses.
4. Be sure to carefully read and sign the agreement: Both the JV Leader and Participants should read the agreement carefully before signing and returning a copy. To avoid disputes, both parties may wish to have their signatures witnessed.
5. Keep a record of amendments: If either party wishes to amend the agreement in the future, the original agreement and amendments should be recorded in writing and signed by both parties.
Using this unincorporated joint venture/consortium agreement document can help ensure that all parties involved in a specific project in a particular jurisdiction are clear on their obligations and responsibilities. Following the steps outlined in this document can help avoid potential disputes and ensure a successful partnership.