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Provide a template for a Joint Venture Agreement in a real estate development project

Joint Venture Agreement Template for Real Estate Development Project


Table of Contents

  1. Introduction

  2. Definitions

  3. Formation of the Joint Venture

  4. Purpose of the Joint Venture

  5. Contributions

  6. Management and Control

  7. Profit and Loss Sharing

  8. Accounting and Records

  9. Confidentiality

  10. Term and Termination

  11. Dispute Resolution

  12. Miscellaneous Provisions

  13. Signatures


1. Introduction

This Joint Venture Agreement (the "Agreement") is made and entered into as of [Date], by and between:

Party A: [Full Legal Name], a [Type of Entity, e.g., limited liability company] incorporated under the laws of [Country], with its principal place of business at [Address] (hereinafter referred to as "Party A").

Party B: [Full Legal Name], a [Type of Entity, e.g., limited liability company] incorporated under the laws of [Country], with its principal place of business at [Address] (hereinafter referred to as "Party B").

Party A and Party B are sometimes referred to individually as a "Party" and collectively as the "Parties."

2. Definitions

  • "Joint Venture": The business arrangement formed by this Agreement.

  • "Project": The real estate development project described in Section 4.

  • "Contributions": The resources, including capital, property, and services, provided by each Party as described in Section 5.

3. Formation of the Joint Venture

The Parties hereby agree to form a joint venture (the "Joint Venture") for the purposes and on the terms and conditions set forth in this Agreement.

4. Purpose of the Joint Venture

The purpose of the Joint Venture is to develop, manage, and sell the real estate project located at [Project Location], which includes [brief description of the project, e.g., residential units, commercial spaces, etc.].

5. Contributions

5.1 Party A's Contributions
  • [Description of Party A's contributions, e.g., land, capital, expertise, etc.]

5.2 Party B's Contributions
  • [Description of Party B's contributions, e.g., capital, construction services, management expertise, etc.]

6. Management and Control

6.1 Management Committee

The Joint Venture shall be managed by a Management Committee consisting of [number] representatives from each Party.

6.2 Decision-Making

Decisions of the Management Committee shall be made by [unanimous/majority] vote.

7. Profit and Loss Sharing

The profits and losses of the Joint Venture shall be shared between the Parties in the following proportions:

  • Party A: [Percentage]%

  • Party B: [Percentage]%

8. Accounting and Records

8.1 Books and Records

The Joint Venture shall maintain complete and accurate books of account and records.

8.2 Audits

The books and records of the Joint Venture shall be audited annually by an independent auditor.

9. Confidentiality

Each Party agrees to keep confidential all information regarding the Joint Venture and the Project, except as required by law or as necessary to perform its obligations under this Agreement.

10. Term and Termination

10.1 Term

This Agreement shall commence on the date first written above and shall continue until the completion of the Project, unless terminated earlier as provided herein.

10.2 Termination

This Agreement may be terminated by mutual written consent of the Parties or by either Party upon [number] days' written notice if the other Party breaches any material term of this Agreement.

11. Dispute Resolution

Any disputes arising out of or in connection with this Agreement shall be resolved by [arbitration/mediation] in accordance with the rules of [Arbitration/Mediation Institution].

12. Miscellaneous Provisions

12.1 Governing Law

This Agreement shall be governed by and construed in accordance with the laws of [Country].

12.2 Entire Agreement

This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements and understandings.

12.3 Amendments

This Agreement may be amended only by a written instrument signed by both Parties.

13. Signatures

IN WITNESS WHEREOF, the Parties have executed this Joint Venture Agreement as of the date first above written.


Party A:


[Full Legal Name]
[Title]
[Date]

Party B:


[Full Legal Name]
[Title]
[Date]


Sources

  • Kenya Law Reports

  • Ng’etich, Chiira & Associates, Advocates

  • Kendi & Company Advocates

  • Property Boutique

  • Cytonn


TLDR

This template provides a comprehensive structure for a Joint Venture Agreement in a real estate development project, covering key aspects such as contributions, management, profit sharing, confidentiality, and dispute resolution.

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