![]() ![]() proper maintenance of books of account and financial records according to accepted accounting practices.monitoring, controlling and directing the financial, business and operational affairs of the Venture.managing the day to day business of the Venture.Except as otherwise specified in this agreement, the duties and obligations of the Management Committee in relation to the Venture will include the following:.Duties of the managers will be determined by the Management Committee. A manager or managers may be appointed by the Management Committee where necessary or desirable.All actions and decisions respecting the appointment of an accounting firm for the Venture require the consent and agreement of a majority of the Management Committee.Each Member may replace its Representative or appoint a temporary alternate at its own discretion on reasonable notice to the remaining Members. Each Representative will have the authority to bind their respective Member in decisions relating to the Venture. The Management Committee will consist of one representative (the "Representative") for each Member unless otherwise agreed by all the Members.Authority to bind the Venture in contract or in any third party business relation lies exclusively with the Management Committee, or its delegate. Within the limits of the Purpose of the Venture and the terms of this Agreement, the Management Committee will have full authority to bind the Members in all matters relating to the direction, control and management of the Venture. The Venture will be directed, controlled and managed by a management committee (the "Management Committee").The principal office of the business of the Venture will be located at _ or such other place as the Members may from time to time designate. ![]() The Term may be extended with the unanimous consent of all Members.The duration of this Venture (the "Term") will begin on Octoand continue in full force and effect until the occurrence of the following event:.The exclusive purpose of the Venture (the "Purpose") will be _.The business name of the Venture will be _.The rights and obligations of the Members will be as stated in the applicable legislation of the State of Alabama (the "Act") except as otherwise provided here. By this Agreement the Members enter into a joint venture (the "Venture") in accordance with the laws of the State of Alabama.IN CONSIDERATION OF and as a condition of the Members entering into this Agreement and other valuable consideration, the receipt and sufficiency of which consideration is acknowledged, the Members agree as follows: This Agreement sets out the terms and conditions governing this association.The Members wish to enter into an association of mutual benefit and agree to jointly invest and set up a joint venture enterprise._ of _, and _ of _ (individually the "Member" and collectively the "Members"). For more on joint venture agreements in real estate, see Real Estate Joint Ventures and Real Estate Joint Ventures for Commercial Real Estate Development.THIS JOINT VENTURE AGREEMENT (the "Agreement") made and entered into this _ day of _, _ (the "Execution Date"), BETWEEN: Of particular importance are the indemnity clause, the insurance clause, and the "entire agreement" clause (to ensure that this agreement constitutes the fully integrated agreement of the parties). This template contains clauses that will be helpful for any joint venture. This template is a typical joint venture arrangement because it draws together separate parties with different kinds of contributions and its scope is limited to a single project that will terminate at a given-although presently unknown-point in time. This template includes practical guidance, drafting notes, and alternate clauses. This template of a joint venture agreement for land development may be used with an individual property owner contributing land and a corporate entity contributing its skill and services to develop and sell a residential development. Joint Venture Agreement for Land Development
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