The various legislation regulating the various sectors in Nigeria is also applicable. The rules of general contract are also applicable to this document. The Companies and Allied Matters Act is applicable for the registration and overall regulation of the joint venture. If either of the parties is an organization other than a company, an officer of the organization should sign the document and ensure tha t a witness attests to the document by writing their name, address, occupation and signature in the row right below the signature of the officer in the document. If either of the parties is a Nigerian company, either two directors or one director and one secretary should sign the document and affix the common seal of the company to the document. This document can be used by parties who intend to fulfill a particular purpose or pursuit together.Īfter filling out this form, all copies of this document should be signed by all the parties to the agreement. This document also allows parties to include other circumstances that may warrant the termination of the joint venture (for example, the inability of parties to fulfill their obligations). This means that it terminates at the expiration of the fixed period or upon the fulfillment of the joint venture's goal or project. Joint ventures are usually created for a fixed period or the duration of a specific project. This includes information about the date, time and location of meetings, the quorum of meetings and the manner of voting for decisions or resolutions to be made at the meetings. Information like the name of the manager, the manager's remuneration, and the procedure for appointing and removing a manager of the joint venture. ![]() The document requires information about the person who will oversee the management of the joint venture. Every party in a joint venture is expected to have specific tasks or duties they are required to fulfill.
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