Georgia Joint Venture Agreement between Construction Contractor and Subcontractor for Performance of Work under General Construction Contract
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How to fill out Joint Venture Agreement Between Construction Contractor And Subcontractor For Performance Of Work Under General Construction Contract?
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FAQ
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors.
The prime in a joint venture relationship is actually the joint venture entity itself, made up of the venturers. For example, let's say Peach Royalty, LLC, a WOSB, forms a WOSB joint venture with Mario Transport, LLC, a small business, and calls it Peach-Mario-JV, LLC.
A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity.
The purpose of a contractual agreement is to serve as a record of the agreement between the two parties. By entering into a contractual agreement, both parties are legally obligated to the terms of the contract.
Since construction joint ventures are usually established by an agreement between two or more contractors to jointly execute a certain construction project, they are formed as contractual (unincorporated) JVs, rather than corporate (incorporated) JVs.
Whereas a teaming agreement is a prime and subcontract relationship between the parties, a joint venture is a separate legal entity that is comprised of two or more companies that form one entity for the purpose of performing an identified government contract. See how to avoid JV mistakes.
Although joint venture agreements are often spoken of in the same breath as prime/subcontractor teaming agreements, the two are very different. In a joint venture, two or more companies come together (usually by forming a new, separate legal entity) to jointly perform a government contract at the prime contract level.
Generally, a joint venture consists of each of the following characteristics: The parties undertaking the joint venture are legally independent, with the exception of the work they do together during this collaboration. The parties set out to accomplish a specific, mutually beneficial goal.
Thus, if a general contractor's subcontract currently requires its subcontractors to indemnify it from any and all claims or disputes arising from general contractor's sole negligence, it will not be enforceable.
Definition. An agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
