The Builder Joint Venture Agreement is a crucial document in India's real estate and construction sector, used when two or more parties wish to collaborate on a construction or development project while sharing resources, risks, and rewards. This agreement becomes necessary when developers want to pool resources, combine expertise, or share project risks, particularly in large-scale developments. The document must comply with Indian legislation, including RERA, the Indian Contract Act, and various construction and environmental regulations. It typically covers land contribution, development rights, construction responsibilities, profit sharing, project management, and regulatory compliance. The agreement is particularly relevant in scenarios where one party might contribute land while another brings construction expertise or capital, or when multiple developers want to collaborate on a significant project.
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1. Parties: Details of the builder/developer and joint venture partner(s), including registration numbers and RERA IDs
2. Background: Context of the joint venture, including project overview and parties' expertise
3. Definitions and Interpretation: Definitions of key terms and rules of interpretation
4. Project Details: Comprehensive description of the construction project, including location, scope, and specifications
5. Contributions of Parties: Detailed breakdown of what each party brings to the venture (land, capital, expertise, etc.)
6. Roles and Responsibilities: Specific duties and obligations of each party in the project
7. Project Management: Structure and processes for managing the project, including decision-making mechanisms
8. Financial Terms: Investment details, profit sharing ratios, expense allocation, and accounting procedures
9. Construction Timeline: Project schedule, milestones, and completion deadlines
10. Regulatory Compliance: Obligations regarding RERA, environmental, and other regulatory requirements
11. Representations and Warranties: Standard and specific warranties given by each party
12. Term and Termination: Duration of agreement and circumstances for termination
13. Dispute Resolution: Mechanism for resolving disputes, including arbitration provisions
14. Force Majeure: Provisions for handling unforeseen circumstances
15. Confidentiality: Protection of confidential information and trade secrets
16. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
17. Miscellaneous: Standard boilerplate clauses including notices, amendments, and severability
1. Bank Account Operations: Detailed procedures for operating joint venture bank accounts, required if separate accounts are maintained
2. Marketing and Branding: Terms for project marketing and brand usage, needed if significant marketing activities are planned
3. Insurance: Specific insurance requirements and cost allocation, if not covered under general responsibilities
4. Intellectual Property Rights: IP ownership and usage rights, needed if significant IP is involved
5. Non-Compete: Restrictions on competing projects, optional based on business requirements
6. Exit Mechanism: Detailed procedures for party exit or project transfer, if not covered in main termination clause
7. Employee Matters: Terms regarding shared employees or contractors, if applicable
8. Environmental Management: Detailed environmental compliance procedures, if project has significant environmental impact
1. Schedule 1 - Property Details: Legal description of land, title documents, and encumbrances
2. Schedule 2 - Project Specifications: Detailed architectural plans, construction specifications, and amenities
3. Schedule 3 - Financial Model: Detailed financial projections, cost estimates, and profit sharing calculations
4. Schedule 4 - Construction Schedule: Detailed timeline with milestones and completion dates
5. Schedule 5 - Contributions Schedule: Detailed breakdown of each party's contributions with timelines
6. Schedule 6 - Required Approvals: List of all required regulatory approvals and permits
7. Schedule 7 - Management Structure: Organizational chart and decision-making procedures
8. Appendix A - Power of Attorney: Format of power of attorney for project execution
9. Appendix B - Bank Account Details: Details of project bank accounts and authorized signatories
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