![]() ![]() The apportionment of the Joint Venture's obligations between the Members in can be amended by agreement between the Members, subject to the consent of the Client if required Ĥ.4. Each Member shall be responsible for fulfilling the obligations prescribed in Contract with the Client in accordance with the terms of the Contract with the Client to the satisfaction of the Client, subject to Sub-Clauses 4.3 and 4.4 below Ĥ.3. The work to be performed under the Contract with the Client shall be carried out in accordance with the terms and conditions specified in the contract Ĥ.2. Main purposes and objective of the Joint Venture shall be to execute the activities as per the Contract with the Client and shall be wound up once the activities are completed as agreed upon.Ĥ.1. making arrangement for the safeguard of the assets procured from the fund of Client and keep up to date of records thereof.Ģ.2 The Members hereby appoint the Leading Member, and confirm the addresses of the Joint Venture and the addresses of the Members respectively, as stated in Ģ.3 Unless otherwise agreed in writing by the Members, this Agreement shall not terminate if a Member changes its name or is taken over by, or merged with, another company or partnership provided that such successor name, company or partnership is an independent professional firm acceptable to the Client (such change to be notified to the Client and his acceptance obtained). making arrangement of the consultant as agreed and keep their work records thereof and performance of the services and carry out their obligation as per the Contract with the Client The Members hereby shall establish a joint venture being an incorporated association under the name of and have it legally registered in the of the Client’s country for the purposes of: The headings in this Agreement shall not be taken into consideration in its interpretation.Ģ.1. Words importing the singular also include the plural and the masculine includes the feminine and vice-versa where the context requires ġ.2.2. "Services" means all the services to be performed by the Joint Venture in accordance with the Contract with the Client.ġ.2.1. ![]() “Project” means the undertaking or proposed or actual works in connection with Contract with the Client "Members" mean the companies which have agreed to Joint Venture in connection with the Project “Leading Member” means the member which will take the lead in the management of the Joint Venture’s affairs and for dealing and enforcing the contractual aspects with the Client entered into, unless otherwise agreed by the Members “Joint Venture” means the joint venture formed between the Members in accordance with this Agreement “Document” means written, drawn, typed, printed, magnetized or photographic material which is capable of being copied “Day” means the period between any one midnight and the next, and “Month” means a period of one month according to the Gregorian calendar commencing with any day in the month "Country" means the Clients Country where the Project is located “Contract” means the contract with the Client of the The operation and other aspects regarding about the Committee shall be as agreed upon “Committee” means the committee formed comprising of at least one representative from each member JVs and such shall function as the decision making body for smooth execution of the Contract activities. “Client” means the and none other, except its legal successors and permitted assigns The following words and expressions shall have the meaning assigned to them, except where the context otherwise requires: ![]() NOW, THEREFORE, THE MEMBERS INTENDING TO BE EXCLUSIVELY BOUND, AGREE AS FOLLOWS: This Agreement is made and entered into as of the, by and betweenĪ) The (hereinafter referred to as “Client”) has appointed the Consultants for providing ī) The Members have agreed to join hands in the form of Joint Venture to provide the saidĬ) The Members have agreed to join hand and form a legal entity and have it registered in the to formally execute the activities. A General Format of the Joint Venture Agreement that can be used to frame a standard JV agreement ![]()
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