An unincorporated joint venture/consortium agreement with a JV leader and participants to contribute to the manufacturing of products in a particular jurisdiction. The association is for products required for a specific local project, rather than for a more permanent type of arrangement. This agreement is drafted for 4 parties and in Neutral Form.
The JV Leader intends to [INTENTION]. [PARTICIPANTS] (along with the JV Leader, each a "Participant", together with the "Participants") have agreed to form a joint venture (a) to strengthen economic and technological cooperation to (a) produce and sell [PRODUCTS], related products and such other products as are decided by the Participants from time to time, and (b) studying and developing other new products (the products referred to in clauses (a) and (b) above are hereinafter collectively referred to as the "Products").
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 Project sufficient for the total of guarantees and bonds required of the Joint Venture. The Participants severally shall be responsible for any administration and required extensions of the guarantees and bonds they have provided.