THIS JOINT VENTURE AGREEMENTThis Agreement is made this __ day of ____, 20__ by and between ______ and ______, hereinafter referred to as the “Parties.”
PURPOSE OF THE JOINT VENTUREThe purpose of this Joint Venture Agreement is to set forth the terms and conditions under which the Parties will cooperate in the undertaking of real estate projects within the state of Michigan.
FORMATIONThe joint venture formed by this Agreement (the “Joint Venture”) will conduct its business under the name ______, and will have its registered address at ______. The Joint Venture shall be considered in all respects as a joint venture between the Parties, and nothing in this Agreement shall be construed to create a partnership, agency, or employment relationship between the Parties.
TERMThis Agreement shall commence on the date first above written and shall continue in full force until the completion of the project, unless earlier terminated as provided herein.
CONTRIBUTIONSEach Party shall contribute to the Joint Venture its respective knowledge, skills, resources, and capital as may be required for the successful completion of the project.
PROFITS, LOSSES, AND DISTRIBUTIONSProfits, losses, and distributions of cash and other assets of the Joint Venture shall be allocated among the Parties in proportion to their respective percentage interests in the Joint Venture.
MANAGEMENT AND CONTROLManagement and control of the Joint Venture shall be divided equally among the Parties. Each Party shall have a single vote on all matters requiring Joint Venture decision.
DISSOLUTIONThe Joint Venture shall dissolve upon the completion of the project or as otherwise agreed by the Parties.
DISPUTE RESOLUTIONAny disputes relating to this Agreement shall be resolved through binding arbitration in accordance with the rules of the American Arbitration Association.
GOVERNING LAWThis Agreement shall be governed by and construed under the laws of the state of Michigan, without regard to its conflict of laws principles.
MODIFICATIONSNo modification of this Agreement shall be valid unless in writing and agreed upon by both Parties.
ENTIRE AGREEMENTThis Agreement contains the entire agreement of the Parties with respect to the subject matter of this Agreement, and supersedes all prior negotiations, agreements, and understandings with respect thereto.
SIGNATURESIn witness whereof, the Parties have executed this Joint Venture Agreement as of the date first above written. ______ Name of Party 1 ______ Signature of Party 1 ______ Name of Party 2 ______ Signature of Party 2 Please note: This is a basic agreement and additional details such as indemnity, breach of contract, specific duties, responsibilities, project scope, etc., may need to be added as per the specific requirements of the parties involved. Furthermore, this template does not constitute legal advice or form an attorney-client relationship and it is recommended to seek the advice of a licensed attorney in the relevant jurisdiction.
A Real Estate Joint Venture Agreement in Michigan may significantly overlap with other forms of property contracts. For instance, you can take into consideration a Contract for Deed Template in Michigan, which could provide valuable insights on how to draft your joint venture agreement.
Moreover, specifics regarding rental properties can also be found in a Michigan Rental Property Contract. It can provide crucial information concerning lease conditions, maintenance stipulations and rent payments.
Lastly, if your joint venture agreement involves the sale of properties, the Contract for Sale of Real Estate in Michigan can give you a comprehensive understanding of legal clauses and terms associated with property sale agreements.