Six things to agree before a project joint venture

A useful project agreement makes practical decisions visible before money or work changes hands. Begin by identifying the parties, their authority to sign and the specific project they intend to deliver.

1. Scope and deliverables. Describe the work, deadlines, acceptance criteria and what is excluded. Name the person responsible for each deliverable.

2. Contributions. List the money, equipment, people and existing materials each party will provide. Record when each contribution is due.

3. Budget and distributions. Agree the budget, spending approvals, invoicing, record keeping and the treatment of profit, loss and unexpected costs.

4. Decisions. Identify the project leads, decisions requiring both parties’ agreement and the process for resolving a deadlock.

5. Information and intellectual property. Distinguish existing materials from new project work. Record ownership, permitted use, confidentiality and what happens after the project ends.

6. Exit and handover. Agree the completion date, early exit events, outstanding payments and return of property or records. Check the schedules against the main agreement before signing.

The MyAgreements Project Joint Venture Agreement is intended for two parties undertaking a defined, unincorporated project. It does not promise limited liability. More complex structures or regulated activities need individual advice.

Read the Project Joint Venture Agreement scope: https://www.myagreements.co.za/agreements/project-joint-venture-agreement

General information from MyAgreements. Templates and document administration do not replace advice on your circumstances. No conveyancing, notarial or other reserved work is provided.