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Construction Joint Venture Failure to Fund Clause

Description: Joint ventures are common in the construction industry due to the advantages they offer for diversifying risk, pooling assets, and bringing together specialists among other things. However, if one member of a joint venture does not contribute their agreed upon share the other members will be given certain recourse in the joint venture agreement. This form is a sample clause providing remedies to the non-defaulting party if a member fails to contribute agreed upon capital.
Form Type: Clauses
Practice Area: Corporate & Securities, Litigation, Real Estate

Date: Sep 2013
PLI Item #: 59931
Keywords: "construction contracts"; "LLC"; "limited liability company"; "joint venture"; bid; "proportionate shares"; "real estate"; building; "joint venture agreement"; "operating agreement"; "contractor"; partnership; "line item"; default; "non-defaulting member"; remedies; loan; "member loan"; "failure-to-fund"; "failure to fund"; "capital contribution"; "additional capital"
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