JOINT VENTURE AGREEMENT.
This Joint Venture Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between ___________, Address __________ (hereinafter referred to as the “Investor”), and ____________, Address ____________ (herein referred to as the “Developer”).
WHEREAS, the Developer is an Estate Developer in Ghana and currently working on a real estate project, The Pearl Avenue, and pitching for financial investments from local and international investment companies such as the Investor herein.
WHEREAS, the Developer’s upcoming project The Pearl Avenue residential three bedroom estate of six homes shall be developed on a 0.7 acre land at Ramseyer- Opposite Presbyterian School, 300m from Y-F junction off Lake Road (See attached portfolio and cost of the project).
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
The initial term of this Agreement shall be for a period of _______ [Months/Years] commencing on the Effective Date herein.
- The Investor shall invest ______________ Dollars in the Pearl Avenue project for the building of the first two homes, the payment shall be made in ___________ installments into the Developer’s ________ Account.
- The Developer shall oversee, manage and coordinate the construction of the two homes from beginning to the completion of the project. The Investor shall have a right to inspect the project from time to time, and provide recommendations.
- Upon completion of the two home, the Developer shall market the homes for sale. Marketing shall be done through online and offline platforms. The money made from the sale shall be used for the construction of the other homes under the Pearl Avenue project.
- The Developer shall only use the money by the Investor for the purpose covered in this Agreement or for any other purpose as will be approved by the Investor. The Developer shall provide the Investor with an account/report of the use of the money when requested.
- The Parties shall all the profits from the Pearl Avenue project at 60/40 for the Investor and the Developer respectively.
- The first instalment of the profits shall be made within _____ Days after the sale of the first home, and shall continue until all the homes in the Pearl Avenue project have been constructed and sold.
Either Party can, at any time, terminate/cancel this Agreement by issuing the other Party with a written ______ day termination/cancellation written Notice. If the Developer abandons the Pearl Avenue project before the completion of the two homes, and/or terminates/cancels the Agreement after the completion of the two homes, they shall fully refund the Investor’s initial investment plus interest as shall be calculated by a property valuer.
The Developer shall be responsible for ensuring that all the construction licenses and permits are acquired for the project.
- ASSIGNMENT/FORCE MAJEURE/WAIVER.
- The Developer shall not assign their obligations their services without prior written notice and/or consent from the Author.
- The failure on the part of the Developer to perform their obligation within the timeframe provided under this Agreement will not be considered as default if such failure is the result of natural calamities, acts or God, Covid-19, extreme adverse disasters and circumstances beyond the control of the parties. The Developer shall however be required to inform the Investor of such delays promptly.
- The waiver by either party of any breach or failure to enforce any of the terms of this Agreement at any time shall not in any way affect, limit, or waive such Party’s right thereafter to enforce and compel strict compliance with every term and condition of this Agreement.
- GENERAL PROVISION, GOVERNING LAW AND JURISDICTION.
- This Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
- This Agreement shall be governed by and construed in accordance with the laws Ghana. Exclusive jurisdiction and venue shall be in Ghana.
- Each party represents and warrants to the other that such party has acted in good faith, and agrees to continue to so act, in the negotiation, execution, delivery, performance, and any termination of this Agreement.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.
INVESTOR: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
DEVELOPER: _____________ ________________________ ___________
(SIGNATURE) (NAME) (DATE)
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