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ConsensusDocs Releases a New Joint Venture LLC Agreement
ConsensusDocs recently released a new ConsensusDocs 299, Joint Venture LLC Agreement, which provides the first industry standard contract for joint ventures of contractors, contract managers, design builders and design professionals utilizing an LLC model. The agreement is flexible to accommodate joint ventures between contractors, construction managers and design builders, as well as those incorporating an architect, engineer or other design professional.
Joint venture arrangements have long been an important tool in construction industry procurement. The new joint venture LLC agreement makes it easier for multiple parties to combine efforts, pool and increase capacity, combine expertise and resources, share risks on specific projects, and further the socio-economic goals of federal set-aside programs such as the SBA mentor-protégé program.
“In today’s market, we’re seeing an increase in joint ventures between general contractors, and the new joint venture document provides a solid contractual foundation for all involved parties,” said Kory D. George, partner at Woods & Aitken LLP and chair of the ConsensusDocs joint venture working group.
Firms working on joint ventures now have an additional standardized form that simplifies getting contracts signed and work performed. It can be used at the teaming or proposal development stage, as well as for project performance.
The newly-published agreement furthers the coalition’s goal of writing fairer contracts to deliver better project results with less litigation. Similar to all ConsensusDocs standard contract documents, this agreement takes a project-first approach and promotes collaboration, communication and integration. ConsensusDocs are the only contracts written by 38 leading design and construction industry organizations. Offering a catalog of 100+ contract documents addressing all methods of project delivery, ConsensusDocs incorporate fair risk allocation and best practices to represent the project’s best interests.
FREE Podcast from ConsensusDocs! Joint Venture Agreement Podcast Now Available
ConsensusDocs is pleased to provide a free podcast that addresses the ConsensusDocs 298, Joint Venture Agreement, and how Joint venture arrangements (JV’s) have long been an important tool in construction industry procurement. Among the reasons cited by contractors for use of a JV entity for bidding and performing work are:
- Spreading risk among the JV participants;
- Combining financial, physical and human resources in order to meet the challenges of certain projects;
- Furthering the socio-economic goals of federal set-aside programs such as the SBA mentor-protégé program;
- Providing newly-formed contractors an opportunity to gain project experience while minimizing default risks; and
- Pooling of bonding capacities for larger bonded projects.
The ConsensusDocs 298, makes it easier for multiple construction companies to combine efforts, increase capacity, combine expertise and share risks on specific projects. It can be used at the teaming or proposal development stage, as well as for project performance.
“In today’s market, we’re seeing an increase in joint ventures between general contractors, and the new joint venture document provides a solid contractual foundation for all involved parties,” states Kory D. George, Partner at Woods & Aitken LLP and Chair of the Joint venture working group.
Please click here to download this free podcast. You may also be interested in listening to other podcasts about the joint venture process by clicking here.
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