As a general rule, the joint enterprise agreement should describe in detail how the joint venture can engage and the powers conferred on the project manager who will act on behalf of the joint venture. However, if a representative of a member, who does not have the right to bind the joint venture, uses the header of the joint venture to enter into a contract with a third party, all members of the joint venture can become jointly responsible. This type of agreement is preferred in situations involving a temporary or limited activity, or the joint venture must be set up for a limited time. The usual clauses in the consortium and joint venture agreements  The so-called joint venture is somewhat misleading since it is not a registered company. It is, however, akin to an unregistered concept, known in French law as a “shareholding company” or “de facto company.” This structure is ideal for long-term and large-scale joint ventures and includes joint ventures and limited liability companies (LPPs).
 Efficiency and duration; Confidentiality, exclusivity and lack of competition; Intellectual property rights Events of failure The dissolution of the joint venture at the end of the project; Compliance with the law Force majeure Right to use and settle disputes and other clauses. … Joint venture between NBCC (India) Ltd. and Mahavir Hanuman Realtor Private Limited for the construction of this project. Plaintiff 2 is NBCC (India) Ltd.4. The tender for the… According to regional practices, bank banks often accept and require bank accounts on behalf of the joint venture, provided that each member has a correct registration, that he respects the procedures for examining the bank`s customers and that the rules for operating the accounts are clearly defined. This means that the bank accounts of a joint venture can be targeted not only by the employer, but also by each member`s creditors, as we will explain below. Choosing a good home partner is the most important tool for the success of a joint venture. The creation of a joint venture is the preferred form of the company`s structure for foreign investors operating in India. However, if the joint venture is official, the members of the joint venture may be jointly responsible for a contract signed by one of their members.