JOINT VENTURE AGREEMENT
THIS JOINT VENTURE AGREEMENT (the “Agreement” or this “Joint Venture Agreement”), is made and entered into as of this [DATE], by and between Danny Sawa of Plane Farm LLC, 601 N Sea Drive #1104, Holiwwod FL 33013 and Ricardo Cheaz of Lurileaf Extractions LLC, 102nd Ave. Doral, 33166. Individually referred to as “Party” and collectively “Parties”.
WHEREAS, Danny Sawa owns an 83 acre Farm equipped with 440,000 sq ft of computerized, drip irrigation green houses, and has licenses for: growing hemp, extraction of C.B.D, propagate seed/ genetics, growing seeds, growing clones, growing starters and nursery licenses/greenhouses;
WHEREAS, Mr. Ricardo Cheaz is in the business of seeking investors and presenting projects to them, and he is also an entrepreneur in industrial manufactures of creams and oils;
WHEREAS, the Parties desire to establish between them a joint venture in order to collaborate in the running of the business, and paying farm liabilities.
NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants and commitments set forth herein, the parties hereto agree as follows:
The joint venture formed by this Agreement (the “Joint Venture”) will conduct its business under the name _________________________ . The Joint Venture shall be considered a joint venture between the Parties in all respects, and in no event shall this Agreement be construed to create a partnership or any other fiduciary relationship between the Parties.
The Joint Venture shall be formed for the purpose of obtaining funds from investors which will be applied as follows: settling any debts or liabilities that exist with the property (farm) and the Company Plane Farms LLC, growing the first crop of Hemp, preparing the place for planting Hemp, buying seeds or clones for cultivation and operational capital for the first crop.
- PARTY OBLIGATIONS
The Parties hereto shall each perform the following responsibilities:
- Mr. Ricardo Cheaz’s obligations
- Promoting the farm to groups in Latin America, the United States and Asia to obtain 2.5 Million Funds
- Inform Danny Sawa of possible investors via Flanefarms@gmail.com
- Promote his extraction production line as part of the business to the investors that he plans to acquire, to make it even more attractive and more profitable
- Mr. Danny Sawa’s obligations
With the money obtained by Ricardo Cheaz, Mr. Danny Sawa will do the following:
- Settle any debts or liabilities that exists with the farm
- Grow the first crop of Hemp
- Prepare the place for Planting Hemp
- Buy seeds or clones for cultivation and operational capital for the first Crop
- Keep the remaining money for his personal use
In consideration of the service and the 2.5 Million investment amount acquired by Ricardo, he will be entitled to 49% of the farm and all the equipment, house and permits of Flane Farms LLC.
No exclusivity is formed by virtue of this Joint Venture Agreement and neither Party shall be obligated to make offers to the other related to any business.
- TERM AND TERMINATION
This Agreement shall commence on the date first written above and remain in full force and effect for an initial period of one year (the “Initial Term”).
Either Party shall have the right to terminate this Agreement, effective as of the end of the Initial Term, by providing the other with written notice of termination at least thirty (30) days prior to the end of such Initial Term. Neither Party shall have the right to terminate this Agreement at any other time, unless such termination is mutually agreed to by the Parties hereto. The Joint Venture shall terminate upon termination of this Agreement.
- CONFIDENTIAL INFORMATION
The parties may provide each other with confidential information and trade secrets, including without limitation, information on their respective organization, business, finances, personnel, services, systems, pricing, structure, proprietary products and processes, transactions and/or business relations (collectively, the “Information”). The term “Information” shall not include (i) information generally available to the public through no fault of the other Party, (ii) information which the other Party already had knowledge of, or (iii) information which has become part of the public domain through no fault of the other Party. Each Party agrees to retain in confidence at all times and to require its employees, consultants, professional representatives and agents to retain in confidence all information disclosed by the other Party. Each Party shall only use the other’s information solely for the purpose of performing obligations under this Agreement, and only disclose the Confidential Information on a need-to-know basis. Each party shall take all necessary precautions in handling the Confidential Information of the other party and limit disclosures on a strict need-to-know basis. Further, the receiving Party may disclose information to the extent ordered to be disclosed by subpoena, other legal process or requirement of law, after first giving the disclosing Party a reasonable opportunity to contest such disclosure requirement
- FURTHER ACTIONS
The Parties shall execute any documents and take all appropriate actions as may be necessary to give effect to the Joint Venture.
Neither Party shall assign or transfer any of its rights or obligations hereunder without the prior written consent of the other Party, except to a successor in ownership of all or substantially all of the assets of the assigning Party if the successor in ownership expressly assumes in writing the terms and conditions of this Agreement. Any such attempted assignment without written consent will be void. This Agreement shall inure to the benefit of and shall be binding upon the valid successors and assigns of the Parties.
- GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the State of FLORIDA, without regard to conflicts of law principles.
This Agreement may be executed in any number of counterparts, each of which shall constitute an original, and all of which, when taken together, shall constitute one instrument.
The Parties recognize the uncertainty of the law with respect to certain provisions of this Agreement and expressly stipulate that this Agreement will be construed in a manner that renders its provisions valid and enforceable to the maximum extent possible under applicable law. To the extent that any provisions of this Agreement are determined by a court of competent jurisdiction to be invalid or unenforceable, such provisions will be deleted from this Agreement or modified so as to make them enforceable and the validity and enforceability of the remainder of such provisions and of this Agreement will be unaffected.
All notices, requests, demands and other communications under this Agreement must be in writing and will be deemed duly given, unless otherwise expressly indicated to the contrary in this Agreement: (i) when personally delivered; (ii) upon receipt of a telephone facsimile transmission with a confirmed telephonic transmission answer back; (iii) three (3) days after having been deposited in the mail, certified or registered, return receipt requested, postage prepaid; or (iv) one (1) business day after having been dispatched by a nationally recognized overnight courier service, addressed to a Party or their permitted assigns at the address for such Party first written above.
Paragraph headings used in this Agreement are for reference only and shall not be used or relied upon in the interpretation of this Agreement.
- ENTIRE AGREEMENT
This Agreement contains the entire agreement and understanding between the Parties, superseding all prior contemporaneous communications, representations, agreements, and understandings, oral or written, between the Parties with respect to the subject matter hereof. This Agreement may not be modified in any manner except by written amendment executed by each Party hereto.
In Witness Whereof, the Parties have caused this Joint Venture Agreement to be duly executed and delivered as of the date first written above.
At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )