You can easily download, customize, and use this agreement according to your specific needs. And remember, a well-drafted joint venture agreement is key in securing your interests when entering into a real estate venture.
JOINT VENTURE AGREEMENTThis Joint Venture Agreement (the “Agreement”) is made and entered into on this ______ day of _______, 20_____, by and between: ____________(Party 1), located at ________, Connecticut (hereinafter “Party 1”), and ____________(Party 2), located at ________, Connecticut (hereinafter “Party 2”). Each of Party 1 and Party 2 may be referred to as a “Party”, and collectively as the “Parties”.
RECITALSWHEREAS, the Parties wish to combine their respective resources, expertise, and efforts to invest in, develop, and manage real property located in the state of Connecticut, subject to the terms and conditions set forth herein; NOW, THEREFORE, in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
ARTICLE 1: FORMATION OF THE JOINT VENTUREThe Parties hereby form a joint venture pursuant to the Connecticut Joint Venture Act for the purpose of investing in, developing, and managing the following real property: _________(Property Description and Address)_________
ARTICLE 2: TERM AND TERMINATIONThis Agreement shall commence on the date first above written and shall continue in full force and effect until terminated by mutual agreement of the Parties, or upon the occurrence of any event that, under the laws of the State of Connecticut, would cause the dissolution of a joint venture.
ARTICLE 3: CAPITAL CONTRIBUTIONSThe Parties’ initial contributions to the Joint Venture shall be as follows: Party 1: _________ Party 2: _________
ARTICLE 4: PROFITS AND LOSSESProfits and losses shall be distributed to the Parties in proportion to their respective capital contributions, unless otherwise mutually agreed by the Parties in writing.
ARTICLE 5: MANAGEMENTThe management and control of the Joint Venture shall be vested in the Parties. Each Party shall have equal rights to participate in the management and control of the Joint Venture.
ARTICLE 6: LIABILITYEach Party shall be liable for its own actions and negligence, and shall not be liable for the actions or negligence of the other Party, to the fullest extent permitted by the laws of the State of Connecticut.
ARTICLE 7: DISPUTE RESOLUTIONIn the event of a dispute between the Parties, the Parties agree to submit to arbitration under the rules of the American Arbitration Association in the county where the Property is located.
ARTICLE 8: GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of Connecticut.
ARTICLE 9: ENTIRE AGREEMENTThis Agreement contains the entire understanding between the Parties and supersedes any prior understandings and agreements, whether oral or written, between them respecting the subject matter herein. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written. ___________________ _______________ Name of Party 1 Name of Party 2 ___________________ _______________ Signature Signature ___________________ _______________ Date Date This Agreement is subject to the laws and regulations of the State of Connecticut, and any disputes arising from it will be handled in the courts of Connecticut.
When entering a Real Estate Joint Venture Agreement in Connecticut, it’s crucial to understand all parameters of the deal. This can start with familiarizing oneself with the terms found in the Contract for Deed Template Connecticut.
Simultaneously, if you’re exploring rental opportunities, understanding the nitty-gritty of a Contract for Rental Property in Connecticut can help mitigate potential risks.
Lastly, a critical component of any real estate deal is the sale transaction. Brushing up on your knowledge regarding the Contract for Sale of Real Estate in Connecticut is advised to ensure a smooth and successful transaction.