joint venture building agreement

The parties hereto covenant and agree that they will execute each such other and further instruments and documents as are or may become reasonably necessary or convenient to effectuate and carry out the purposes of this Agreement. All of the parties involved in any joint venture agreement or contract are held responsible for the costs, income, profits, and losses of the project, or "venture." Each Venturer’s representative or alternative representative on the Policy Committee is hereby granted and shall hereafter possess authority to act for such Venturer on all matters of interest to it with respect to its participation in the joint venture. The goal can be a task, a new project, or any … The Joint Venture shall keep adequate books and records at its place of business, setting forth a true and accurate account of all business transactions arising out of and in connection with the conduct of the Joint Venture. Most real estate projects involve at least one kind of real estate joint venture … Establish the objectives of your joint venture, which would be beneficial to both parties. WHEREAS, the parties are desirous of forming a joint venture (the “Venture”), under the laws of the State of ________________ by execution of this Agreement for the purposes set forth herein and are desirous of fixing and defining between themselves their respective responsibilities, interests, and liabilities in connection with the performance of the before mentioned construction project; and. (1) Subject to the provisions of this Article VI, Net Losses of the Venture (including any net “book” loss of the Venture resulting from a Capital Event) shall be allocated to the Venturers, pro rata, based upon their respective Venture interests as set forth herein. This Joint Venture shall … ___________________ shall be the Project Managing Partner in charge of the Project work. In the event that any provision of this Agreement shall beheld to be invalid, the same shall not affect in any respect whatsoever the validity of the remainder of this Agreement. The capital contribution to the Joint Venture actually made by the parties, including property, cash and any additional capital contributions made. This Agreement shall be construed and enforced under the laws of the State of ______________. ___________________ shall be the Administrative Managing Partner responsible for all bookkeeping and payroll of the Joint Venture. At such, any action taken shall constitute the act of, and serve to bind, the Joint Venture. 6.6 The Policy Committee shall generally perform its duties at a meeting at which all designated representatives of the Parties are present, but where circumstances warrant, telephone communication between all party representatives or their alternatives is authorized. Planning Your Joint Venture Agreement Identify why you would need a joint venture. b. Any income or loss of the Partnership for federal income tax purposes determined by the Partnership’s fiscal year, including, without limitation, each item of Partnership income, gain, loss or deduction. These adjustments shall include the qualified income offset as set forth in this Agreement. Upon execution of this Agreement, the Venturers shall each own the following interests in the Venture: (a) _______________________________________, (b) _______________________________________. (2) Thereafter, to the Venturers, pro-rata, based on their respective Venture interests as set forth in Section 5.2 hereof. (b) The sale or other disposition, not including an exchange of all, or substantially all, of the Joint Venture assets. 10.05 Notices. 7.1 The Venturers agree to a split of authority betweens themselves as follows: a. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of theday and year first above written. Forms, Features, Customer Service 5.4 The Venturers agree to indemnify each other and to hold the other harmless from, any and all losses of the Joint Venture that are in excess of such other Venturer’s Percentage of Participation. 9.3 Upon completion of the Project, a final audit shall be made and copies of such audit shall be furnished to each of the parties. NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the Parties herein agree to constitute themselves as joint venturers, henceforth, “Venturers” for the purposes before mentioned, and intending to be legally bound hereby, the parties hereto, after first being duly sworn, do covenant, agree and certify as follows: 1.1 “Affiliate” shall refer to (i) any person directly or indirectly controlling, controlled by or under common control with another person, (ii) any person owning or controlling 10% or more of the outstanding voting securities of such other person, (iii) any officer, director or other partner of such person and (iv) if such other person is an officer, director, joint venturer or partner, any business or entity for which such person acts in any such capacity. 9.5 The Administrative Managing Partner shall receive additional compensation in the amount of 3% of the total Project amount for the use of its data processing system and accounting, payroll and tabulating work.

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