THIS JOINT VENTURE AGREEMENTThis Joint Venture Agreement (the “Agreement”) is made and entered into on this ______ day of ____________, 20______ by and between: Party A (“Party A”), with a principal place of business at ____________, and Party B (“Party B”), with a principal place of business at ____________.
WHEREASParty A and Party B desire to enter into a joint venture in order to collaborate on a specific Real Estate project in North Carolina, and to share in the profits and losses of that project.
TERMS OF AGREEMENTThe terms and conditions of this Agreement are as follows: 1. THE PROJECT The project will be described in detail, including property address, intended use, and any other relevant information. 2. TERM OF THE AGREEMENT The term of this Agreement will commence on the date first above written and will continue until completion of the Project, unless sooner terminated in accordance with this Agreement.
CONTRIBUTIONS3. PARTY A’s CONTRIBUTION Party A will contribute such amounts as may be required for the successful implementation of the Project. 4. PARTY B’s CONTRIBUTION Party B will contribute such amounts in cash or in-kind services as may be required for the successful implementation of the Project.
PROFIT AND LOSS DISTRIBUTIONThe net profits and losses of the Joint Venture will be distributed among the Parties in proportion to their respective contributions.
MANAGEMENTThe Parties will have equal rights in the management of the Joint Venture.
TERMINATIONThis Agreement may be terminated by either party upon written notice to the other, if the other party breaches any material obligation provided hereunder and the breaching party fails to cure such breach within thirty (30) days of receipt of the notice.
BINDING EFFECTThis Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, successors and assigns.
GOVERNING LAWThis Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina.
DISPUTE RESOLUTIONAny disputes under this Agreement that cannot be resolved by the Parties themselves shall be submitted to arbitration under the rules of the American Arbitration Association.
ENTIRE AGREEMENTThis Agreement contains the entire understanding of the Parties relating to the subject matter hereof. IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first above written. ______________________________ ______________________________ Party A Party B ________________ _______________ Date Date This Agreement should be reviewed by a licensed attorney before use. It may not be suitable for your specific circumstances and might need modifications.
If you’re considering entering into a Real Estate Joint Venture Agreement in North Carolina, it’s crucial to understand all the legal documentation involved. For instance, you may find the Contract for Deed Template North Carolina useful for establishing the terms of property purchase within the venture.
Furthermore, if your joint venture involves rental properties, you should review this Contract for Rental Property North Carolina, which guarantees you have a solid lease agreement in place.
Additionally, when it’s time to sell any real estate within your joint venture, this comprehensive Contract for Sale of Real Estate in North Carolina will ensure that the transaction proceeds smoothly.