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A Joint Venture Agreement is an agreement between two or more parties for the purpose of embarking on a particular project. The joint venture is simply a partnership between two or more individuals or businesses who intend to accomplish a specific task or business goal. The joint venture is an entity which is separate and distinct from the parties. This means that the parties maintain their separate identities while participating in the joint venture. The joint venture can registered as a partnership or a limited liability company and can terminate at a specific period of time or upon the accomplishment of the desired purpose or goal.
This document shares similar features with a Partnership Agreement. 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.
In addition to this, unlike a partnership, the parties in a joint venture agreement maintain a separate and distinct personalities different from the joint venture.
This document requires the following basic information:
How to use this document
This document can be used by parties who intend to fulfill a particular purpose or pursuit together.
After filling this form, all copies of this document should be signed by all the parties to the agreement. If either of the parties is a Nigerian company, either two director or one director and one secretary should sign the document and affix the common seal of the company to the document.
If either of the parties is an organization other than a company, an officer of the organization should sign the document and ensure that a witness attests the document by writing their name, address, occupation and signature in the row right below the signature of the officer in the document.
The Companies and Allied Matters Act is applicable for the registration and overall regulation of the joint venture. The rules of general contract are also applicable to this document. The various legislation regulating the various sectors in Nigeria is also applicable.
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