If either of the parties is a Nigerian company, either two directors or one director and one secretary should sign the document and affix the common seal of the company to the document. This document can be used by parties who intend to fulfill a particular purpose or pursuit together.Īfter filling out this form, all copies of this document should be signed by all the parties to the agreement. This document also allows parties to include other circumstances that may warrant the termination of the joint venture (for example, the inability of parties to fulfill their obligations). This means that it terminates at the expiration of the fixed period or upon the fulfillment of the joint venture's goal or project. Joint ventures are usually created for a fixed period or the duration of a specific project. This includes information about the date, time and location of meetings, the quorum of meetings and the manner of voting for decisions or resolutions to be made at the meetings. Information like the name of the manager, the manager's remuneration, and the procedure for appointing and removing a manager of the joint venture. The document requires information about the person who will oversee the management of the joint venture. Every party in a joint venture is expected to have specific tasks or duties they are required to fulfill. Duties and obligations of the parties.One benefit of a joint venture is that only one party does not bear all the losses as losses as well as profits are shared between the parties. This contribution may be monetary or any other valuable consideration (for example, real property like building or land, provision of service or any other valuable consideration). The parties to a joint venture are usually required to make contributions to the joint venture. Particulars of initial contribution by the parties.For example, NNPC (Nigeria National Petroleum Corporation) may form a joint venture with Shell BP for the exploration of crude oil in Nigeria. Every joint venture should have a specific purpose or project it intends to accomplish. Note that, the joint venture can be registered as a partnership or limited liability company. This is the name the parties intend to call the joint venture. Note that the parties to a joint venture may be individuals, companies or other organizations. In this document, the names and addresses of all the parties forming the joint venture will be required. This document requires the following basic information: In addition to this, unlike a partnership, the parties in a joint venture agreement maintain a separate and distinct personality different from the joint venture. However, the major distinguishing factor is that while the partnership is an ongoing and continuing enterprise, the joint venture is usually created for a specific purpose and terminates upon the fulfillment of that project. This document shares similar features with a Partnership Agreement. The joint venture can registered as a partnership or a limited liability company and can terminate at a specific period or upon the accomplishment of the desired purpose or goal. This means that the parties maintain their separate identities while participating in the joint venture. The joint venture is an entity which is separate and distinct from the parties. A joint venture is simply a partnership between two or more individuals or businesses who intend to accomplish a specific task or business goal. A Joint Venture Agreement is an agreement between two or more parties to embark on a particular project.
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