Company, shareholder and founding instruments · 06
Joint venture, consortium and teaming agreement
Lets two businesses pursue one opportunity without merging.
Lets two businesses pursue one opportunity without merging.
The purpose and its boundary; whether the vehicle is incorporated or contractual; contributions and who owns what is contributed; governance and deadlock; profit and loss sharing; liability as between the parties and towards the client; exclusivity for the opportunity; intellectual property created jointly; and unwind on failure to win the bid.
An unincorporated joint venture can be a partnership in law whatever it is called, which means joint and several liability to third parties — say expressly whether that is intended. And where the parties are actual or potential competitors, information sharing and bid coordination must be checked against the Competition Act before the first meeting, not after the award.
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