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Joint Venture / Consortium Agreement to Supply Products

3 Parties - Neutral

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 3 parties and in Neutral Form.

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Document Description

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 3 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 will maintain insurance coverage as protection against all legal liabilities arising out of or in connection with Works or Technology for which each is deemed responsible by Schedule 3.

Unless the Participants agree, each Participant individually shall make all reasonable efforts to maintain insurance coverage in the amounts <? echo $CURRENCY; ?><? echo $INSURANCE; ?> as protection against all legal liabilities arising out of or in connection with the performance or otherwise of its obligations under this Agreement.

Each Participant shall make all reasonable efforts to maintain insurance cover in the amounts for public/third party liability insurance and any other insurances necessary to comply with the Production Agreement.

Each Participant shall be reimbursed the costs and expenses incurred by it in connection with the promotion, preparation and negotiation of the Project, 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.

How to use this document?

This document should be carefully read by the JV Leader and Participants.

Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.

If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.

 

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