Contractual Joint Venture Agreement
This Contractual Joint Venture Agreement template is for use by two parties wishing to carry out a joint enterprise, where the parties do not want to go to the expense and formality of setting up a joint venture company. It is useful where the proposed project is finite in duration, for example, a joint marketing campaign, the redevelopment of a property, or product development.
This is a duplicate of the document in the Joint Ventures subfolder in the Corporate folder (Starting Up Group). For a Corporate Joint Venture Agreement, please see that subfolder which you can reach via this link https://simply-docs.co.uk/Starting-Up-and-Company-Formation/Joint-Ventures .
For a table which compares features, advantages and disadvantages of four legal forms of joint venture (including a contractual joint venture and a corporate joint venture), see the Joint Venture: Legal Vehicle Comparison Table in this subfolder.
The contractual joint venture (or ‘Project’ as it is referred to in the Contractual Joint Venture Agreement template) does not involve any legal pooling of the two parties’ assets, and no separate and distinct legal entity will be set up. The degree of integration between the joint venture parties is minimal compared to other legal forms of joint venture.
Because a contractual joint venture structure could be used in many different industries and situations, the Contractual Joint Venture Agreement is fairly general, and does not go into detail about how the Project will be run. It simply provides for the appointment of a Management Committee with one or more representatives from each of the two parties to manage the Project, and then for the appointment of a Project Manager to run the Project on a day to day basis.
The Project itself will be defined and described in Schedule 1. The Business Plan will also be set out in Schedule 1, and it can be updated by agreement between the parties. The parties' roles and the resources to be employed will be set out in Schedule 2. Details of the parties’ financial contributions will be set out in Schedule 3.
This Contractual Joint Venture Agreement is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes. Optional phrases are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
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