JOINT
VENTURE AGREEMENT
THIS JOINT VENTURE
AGREEMENT made at___ on ___, 2001 between ___ a company
incorporated under the Companies Act, 1956 and
having its registered office at
[address](hereinafter referred to as the
"___",
which expression shall, unless it be repugnant to
the context or meaning thereof, be deemed to mean
and include its successors and assigns) of the
ONE PART AND ____a company incorporated
under the Companies Act, 1956 and having its
registered office at [address](hereinafter
referred to as the "___", which expression shall,
unless it be repugnant to the context or meaning
thereof, be deemed to mean and include its
successors and assigns) of the OTHER PART.
WHEREAS
( the business of bothe the companies and purpose
of the venture)
AND WHEREAS the
Joint Venturers have agreed to make contributions
to a common fund for the purpose of acquiring and
holding:____, ____ called the business interest.
The Joint Venturers consider it advisable to
acquire and hold their business interest through
a nominee so as to avoid the necessity of
numerous separate agreements, to maintain the
legal title to the business interest in a simple
and practicable form and to facilitate the
collection and distribution of the profits
accruing under the business interest, and has
agreed to act as nominee of the Joint Venturers
with the understanding that he is also acquiring
a participating interest in this joint venture on
his own account.
NOW THEREFORE THIS
AGREEMENT WITNESSES AS FOLLOWS:
1. Purpose.
The Joint Venturers form this joint venture to
acquire and hold the business interest in common
and to provide the finances required for its
acquisition. To the extent set forth in this
Agreement, each of the Joint Venturers shall own
an undivided fractional part in the business. The
Joint Venturers appoint as their agent ____,
whose duty it shall be to hold each of the
undivided fractional parts in the business
interest for the benefit of and as agent for the
respective Joint Venturers.
2. Contributions.
The Agent acknowledges that he has received from
each of the Joint Venturers, for the purpose of
this joint venture, the sum set after the name of
each Joint Venturer as follows: Contribution to
Name Joint Venture
3. Acquisition
of Business Interest. The Agent is
authorized to acquire and hold in his own name,
but on behalf of the Joint Venturers (of which
the Agent is one), the business interest, and to
pay Rs____ for it as follows: Rs____ in cash, and
the balance of Rs____ by a note in that amount.
The note shall bear interest at the rate of ___%,
shall be due and payable on ____, with prepayment
privileges, and shall be secured by ____ which
the Agent is authorised to execute and deliver.
4. Profits.
The Agent shall hold and distribute the business
interest and shall receive the net profits as
they accrue for the term of this Agreement or so
long as the Joint Venturers are the owners in
common of the business interest, for the benefit
of the Joint Venturers as follows: Name
Proportion ___ ___ ___ ___ ___ ___
5. Expenses
of Venture. All losses and disbursements
incurred by the Agent in acquiring, holding and
protecting the business interest and the net
profits shall, during the period of the venture,
be paid by the Joint Venturers, on demand of the
Agent, in the ratio which the contribution of
each Joint Venturer bears to the total
contributions set forth in Clause 2;
6. Liability
of Agent. The Agent shall be liable only
for his own willful misfeasance and bad faith and
no one not a party to this Agreement shall have
any rights whatsoever under this Agreement
against the Agent for any action taken or not
taken by him.
7. Term.
This Agreement shall terminate and the
obligations of the Agent shall be deemed
completed on the happening of either of the
following events: (a) The receipt and
distribution by the Agent of the final net
profits accruing under the business interest. (b)
Termination by mutual assent of all joint
ventures.
8. Compensation
of Agent. Unless otherwise agreed to in
the future by a majority in interest of the Joint
Venturers, the Agent shall not receive any
compensation for services rendered by him under
this Agreement.
In witness whereof
the Agent and the Joint Venturers have signed and
sealed this Agreement.
IN
WITNESS WHEREOF, the Common seal of the Agent and
the Joint Venturer have been hereunto affixed and
their authorised person have set their respective
hands and seals the day and year first
hereinabove written.
- SIGNED,
SEALED AND DELIVERED
- by the within
named Agent
- by the hands
of its authorised
- representative/Director
Mr.[name]
- in the
presence of Mr.[name] and
- Mr.[name]
- SIGNED, SEALED AND DELIVERED
- by the withinnamed Joint
Venturer
- by the hands of its
authorised
- representative/Director
Mr.[name]
- in the presence of Mr.[name]
and
- Mr.[name]
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