joint venture agreements

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joint venture agreements

Post by Ramoncito on Wed Aug 11, 2010 11:05 am

this is to seek your opinion against mine, regarding joint venture agreements....facts..1. jv of 5 rice millers who owns rice mills of different capacity 2. tor says that award is based in their capacity to mill 3. jv is to nominate a representative amongst them who will represent their jv with nfa and that nfa will course communication thru their authorized rep.4. jv won a lot bidded out equiv. to 300,000 bags............ my position is to initially award same to all members of jv in equal volumes . . . .thereafter if volume exceeds milling capability of a member.... excess volume will be divided amongst the 4 other members....do you agree?

another issue/question? do you have to register the jv? since same is temporary in nature? for purposes of payment? and payments be made directly to members of joint venture c/o the designated/nominated representative? this is to avoid unnecessary increase in revenue by the nominated representative...
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Re: joint venture agreements

Post by RDV @ GP3i on Wed Aug 11, 2010 12:24 pm

Ramoncito wrote:this is to seek your opinion against mine, regarding joint venture agreements....facts..1. jv of 5 rice millers who owns rice mills of different capacity 2. tor says that award is based in their capacity to mill 3. jv is to nominate a representative amongst them who will represent their jv with nfa and that nfa will course communication thru their authorized rep.4. jv won a lot bidded out equiv. to 300,000 bags............ my position is to initially award same to all members of jv in equal volumes . . . .thereafter if volume exceeds milling capability of a member.... excess volume will be divided amongst the 4 other members....do you agree?
I beg to disagree. The bidder is the JV, which has a distinct personally than the individual members of the JV. The award, therefore, should be made to the JV itself if it is declared by the BAC as the LCRB and approved by the HOPE.

Ramoncito wrote:another issue/question? do you have to register the jv? since same is temporary in nature? for purposes of payment? and payments be made directly to members of joint venture c/o the designated/nominated representative? this is to avoid unnecessary increase in revenue by the nominated representative...
Within 10 c.d. from receipt of notice from the BAC that the JV is declared the LCRB, the JV has to submit a valid Joint Venture Agreement (Sec. 37.1.4.a of IRR). Yes, the JV has to register with the SEC in order to attain a juridical personality distinct from the members. The members will be jointly and severally liable for the project.

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Re: joint venture agreements

Post by misty on Thu May 26, 2011 11:33 am

gud morning!

I have questions. Is there a specific format for a joint venture agreement? Are there provisions or clauses which are required to be present in all the JVAs?
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Re: joint venture agreements

Post by engrjhez® on Thu May 26, 2011 2:55 pm

misty wrote:gud morning!

I have questions. Is there a specific format for a joint venture agreement? Are there provisions or clauses which are required to be present in all the JVAs?

There are no prescribed GPPB form for Joint Venture Agreements. You may refer to Legal Offices to prepare one for you. Smile
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