This document is a clause that relates to a partnership, which would be inserted into a joint venture agreement.
Joint ventures may be structured as partnerships. It is therefore important that parties to a joint venture agreement consider the appropriate structure for the business at the outset. If it is the intention of the parties that the joint venture not be a partnership, it is important to expressly state this in the relevant joint venture agreement so that there can be no debate at a later time as to the structural model of the joint venture.
Using this precedent
This clause may be inserted into a joint venture agreement.
When inserting this optional clause into an agreement, care must be taken to ensure that the agreement remains consistent. Cross-references, definitions and schedules should all be checked.
This document has been authored for Lexis Nexis by Michael Heraghty, Partner, TressCox Lawyers, Rosemarie Ryan, Barrister and Elise Margow, Principal, Legally Speaking.
This document is prepared with the assistance of Specialist Editor Stephen Newman, Executive Counsel, Ponte Earle.