Sample Draft Of Joint Venture Agreement In Nigeria

This provides for the winding-up of the joint venture and the method of distribution of the product at the expiry or previous destination of the joint venture. This shall indicate the activity for which the Joint Undertaking was set up and limit the Joint Undertaking to that activity or activity, unless otherwise agreed in writing by the Joint Undertaking partners. Losses and disbursements of the joint venture borne by the joint ventures on the basis of their respective percentage shareholdings in the joint venture. The parties should ensure that important clauses of the Joint Undertaking Agreement, such as the sharing formula, the management structure, the obligations of the parties, termination and existing legislation, are included in the Joint Undertaking Contracts in order to make them legally binding on the parties. A contract is required in due form when a joint venture has been agreed. This is important for the smooth running of the business. It shall ensure clarity of the purpose of the joint venture, the parties, the rights of the parties and the obligations expected by each party. Below you will find the list of conditions contained in the Joint Undertaking Contract. A formal contract is important for the smooth running of a joint venture.

It shall ensure that the limited objective of the Joint Undertaking and the rights and obligations of the parties are clear. Here are some of the most important terms in a joint venture agreement: Use a joint venture template that has been written by a lawyer to ensure that all the necessary information is included and that you are totally protected in the unfortunate event that something goes wrong. Therefore, it is customary to agree, for the duration of the Joint Undertaking and for two years thereafter, that the party receiving confidential information shall treat all confidential information as confidential and shall not transmit all or part of that confidential information to other persons, except under very strict conditions laid down in the Agreement. This Agreement contains the entire agreement and understanding between the Parties and supersedes all prior communications, assurances, agreements and understandings, whether oral or written, between the Parties regarding the subject matter of this Agreement. This Agreement may not be modified in any way except by a written amendment made by each party to this Agreement. A joint venture itself is not a separate legal entity and is not recognised as such by the supervisory authorities. Joint ventures are carried out by private or legal persons. A joint venture agreement is an agreement between two or more parties for the commissioning of a given project.

A joint venture is simply a partnership between two or more persons or undertakings who intend to achieve a specific task or objective. The joint venture is an undertaking separate from the parties and separate from the parties. This means that the parties retain their distinct identities during their participation in the joint venture. The joint venture may be registered as a partnership or limited liability company and may terminate at a time or after the achievement of the desired objective or objective. This type creates a new business or entity of two separate (and usually smaller) businesses. The main players involved in this type of joint venture become shareholders in the new venture and it is then used to manage the activities of the joint venture. .