This document can be used to legally form a joint venture between two or more parties who would like to undertake a new discrete project, start a new service, or do some other type of specific work together in order to make a profit. It acts as a legally binding contract, to reflect the intention of all parties to form a joint venture on the terms set out within.
The document can be tailored to describe the nature of the joint venture, such as the business purpose of the new joint venture, responsibilities of each party involved, any investment into the joint venture by either party, the creation date of the joint venture, any termination clauses and dates where applicable, and any agreed governance procedures for the combined management of the venture. The document can be used by up to 4 parties forming a joint venture.
It should be noted that further actions should be taken to create the entity that shall be the basis of the joint venture. For instance if the joint venture is to take the form of a limited company, such a company will need to be incorporated and registered at companies house.
How the document is to be used
Any schedules appended to the document should be completed. Then the document should be signed and dated by all parties. All parties beholden to the agreement should keep copies of the agreement.
At the same time as the agreement is signed each party should pay £1 to each of the other parties to the contract by way of consideration. This is a technical legal requirement to ensure that the agreement is enforceable.
Any applicable law
Partnerships Act 1890
Companies Act 2006
Corporation Tax Act 2010
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