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Rulings on Joint Venture

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Rulings on Joint Venture

Post by jenniedc on Sat Aug 11, 2012 7:21 pm

What will happen if the Joint Venture did not register it to SEC? The project is only less than 1 year. Would the JV agreement that was notarized sufficient enough for the contractor to be paid?

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Re: Rulings on Joint Venture

Post by RDV @ GP3i on Sat Aug 11, 2012 8:46 pm

jenniedc wrote:What will happen if the Joint Venture did not register it to SEC? The project is only less than 1 year. Would the JV agreement that was notarized sufficient enough for the contractor to be paid?

It is not required that a JV be registered with the SEC, although it is not prohibited either.
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Re: Rulings on Joint Venture

Post by jenniedc on Sun Aug 12, 2012 12:41 am

You mean even if the the contract has been awarded and a NTP has already o been issued, it is not required that the JV be registered to SEC? What justification must we provided so that payment to the contractor will be processed as the agency is asking for it? Is there any provisions or amendment to the IRR? Thanks a lot

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Re: Rulings on Joint Venture

Post by RDV @ GP3i on Sun Aug 12, 2012 8:49 am

jenniedc wrote:You mean even if the the contract has been awarded and a NTP has already o been issued, it is not required that the JV be registered to SEC? What justification must we provided so that payment to the contractor will be processed as the agency is asking for it? Is there any provisions or amendment to the IRR? Thanks a lot

There is nothing in the IRR requiring for JVs to register with the SEC. The requirement for registration is for the members, for members which are either partnerships or corporations, or DTI/CDA registration for sole proprietorships/coops.

The advantage of registration as JV is to give it a personality separate from the members. If you really don't want to register, as the JV may have just been formed only for the project and does not intend to continue after the project completion, you need to examine again the bid docs and your contract if there is such a requirement for registration. If there is none, then you can insist.
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