A joint venture contract allows two or more parties to share the risk, responsibilities, and rewards of a given construction project. These relationships can be extremely beneficial as they can mitigate risk, and otherwise combine resources on a project that the venturing parties may not have been able to accomplish on their own.
These agreements, however, can be risky if they are not properly drafted and executed. If the external and internal responsibilities of the parties are not well-defined, it could lead to costly litigation that could kill a project before it even gets off the ground. By working with an experienced construction law firm, you can draft a joint venture contract that prevents disputes rather than creates them. This way, all parties can enjoy a smoothly built project, instead of getting bogged down in disputes and delays.
Joint Ventures between foreign and domestic entities add an additional layer of complexity. But as globalization has become the norm, it is not uncommon for foreign investors to look to Kentucky and Indiana to grow their particular businesses. Teaming with a domestic company makes sense. The foreign entity can use resources and connections from that domestic company to complete the project. Whether you are seeking to team with a foreign investor, or looking to team with other domestic partners, Manion Stigger LLP can help ensure your joint venture contract provides a strong framework and a clear agreement for all parties involved.
To learn more about how Manion Stigger LLP can help in drafting a joint venture contract for your construction project, contact us today. With offices in both Louisville, KY and Evansville, IN, we can better serve a geographically diverse area. For an in-depth consultation regarding your joint venture contract, contact us today.