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 (under Audio Conferences).

Mark Your Calendar for March and May ConsensusDocs Webinars

Key Contracting Issues for Owner & Design Professional Agreements – Comparing Key Provisions in AIA & ConsensusDocs Contracts
March 27, 2013, 2:00-3:00 pm ET

Three prominent industry attorneys will analyze key provisions for every Owner and Design Professional agreement.  Topics include:

• Project Date
• Copyrights
• Indemnification
• Consultants
• Dispute Resolution

Owner & Contractor Perspectives on Tailoring ConsensusDocs to Your Projects & Using ConsensusDocs as a National Standard in Contract Negotiations
May 8, 2013, 2:00-3:30 pm ET

The panel of industry attorneys will review a variety of design and construction contracts a provide insight into key provisions and provide perspectives from owners, contractors, design-builders, subcontractors and design professionals.  The presentation will include an analysis of key risk provisions from:

• ConsensusDocs 200 – Owner & Contractor Agreement
• ConsensusDocs 240 – Owner & Design Professional Agreement
• ConsensusDocs 410 – Owner & Design-Builder Agreement
• ConsensusDocs 750 – Contractor & Subcontractor Agreement

Topics from the various perspectives include indemnity/insurance, damages, standard of care, document ownership, termination, and more.

Remember to get your NASBP discount on ConsensusDocs Webinars, you will need to enter: NASBP_WEB. For more information and to register for these webinars, click here.

ConsensusDocs Documents are the only contracts endorsed by 38 leading design and construction industry organizations. Offering a library 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. Coalition members represent design professionals, owners, contractors, subcontractors and sureties (DOCS). For more information, click here, call 1-866-925-DOCS (3627) or email support@ConsensusDocs.org.

Remember: The NASBP membership receives a 20% discount on all ConsensusDocs purchases. Simply use Discount Code “NASBP400” when prompted at purchase after clicking here.

NASBP is an endorsing organization of the ConsensusDocs coalition, an unprecedented effort by 38 industry organizations to identify industry best practices and to incorporate such practices in a new generation of consensus industry standard form documents. Find out more at the NASBP’s involvement with ConsensusDocs by clicking here.