Need a legal agreement for a short-term joint venture? Our neutral Unincorporated Joint Venture Agreement for 2 parties is perfect for local projects in a specific jurisdiction. With a JV leader and participant contributing to manufacturing products, get the right framework for your association now.
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This Unincorporated Joint Venture/Consortium Agreement is designed for 2 parties who are JV Leader and Participant and contribute to manufacturing products in a particular jurisdiction. The association is intended for products required for a specific local project. The agreement is in Neutral Form and allows the Participants to produce and sell products, develop new products and cooperate economically and technologically.
If regulatory issues prevent the Project from proceeding, this Agreement will terminate immediately. This Agreement will remain in force until all Production Agreements have been terminated, and all accounts relating to the Project between the Joint Venture and third parties between the Participants are acknowledged as settled.
Participants will indemnify each other against legal liabilities arising from the performance of obligations under this Agreement. In the event of any legal liability, the Participants will attempt to agree on the liabilities' apportionment. If the Participants fail to agree, arbitration will determine the proper apportionment.
The Works or Technology for which each Participant is responsible are listed in Schedule 3, and each Participant must cooperate and provide information reasonably required by the Policy Committee to defend any claims arising from the obligations under this Agreement.
This short-term joint venture agreement is ideal for local projects in a specific jurisdiction. It provides a legal framework for the Participants to work together to produce and sell products, and to study and develop new products, as well as for economic and technological cooperation. The agreement also provides a mechanism for resolving any legal liabilities that may arise from the performance of the Participants' obligations under the Agreement.
If you are looking for a neutral form joint venture agreement for short-term cooperation with a JV leader and participant for manufacturing products in a particular jurisdiction for a specific local project, this Unincorporated Joint Venture/Consortium Agreement may be the perfect solution.
To use this unincorporated joint venture/consortium agreement, follow these steps:
1. Read the agreement carefully: Before entering into any legal agreement, it is important to read and understand the terms and conditions. This agreement is drafted for two parties in a neutral form, so both parties should take the time to review the document and ensure they fully understand it.
2. Agree on the project: The JV Leader and the Participant should agree on the project they are working on and ensure that it is feasible and in line with the agreement's terms.
3. Sign and return the agreement: Both parties should sign and return a copy of the agreement, and once signed, both parties should get a copy. This will ensure that each party has a copy of the signed agreement.
4. Witness signatures: To avoid any future disputes, both parties may wish to have their signatures witnessed. This can be done by a neutral third party.
5. Co-operate with each other: Each Participant should co-operate and produce any information that is reasonably required by the Policy Committee in defending any claim made by any third party arising out of or in connection with the performance or otherwise of the obligations under this Agreement.
6. Terminate if necessary: If the project cannot proceed due to regulatory reasons, the agreement will terminate immediately. Otherwise, the agreement will continue until all Production Agreements have been terminated and all accounts relating to the project between the Joint Venture and third parties between the Participants are acknowledged as settled.
7. Indemnify each other: Each of the Participants will indemnify and keep indemnified the other Participant(s) against all legal liabilities arising out of or in connection with the performance, or otherwise, of its obligations under this Agreement.
8. Resolve disputes: If either party alleges that any legal liability is attributable to any other Participant or to the Participants, they should use reasonable endeavours to reach an agreement on the liabilities to be borne by each of the Participants. In the event the Participants fail to agree, a proper apportionment shall be determined by arbitration in accordance with clause 19.
9. Record amendments: 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.
By following these steps, the JV Leader and the Participant can enter into a joint venture and ensure that they understand their obligations and rights under the agreement.