Joint Venture LLC Operating Agreement - 299

An agreement between two or more parties to form a joint venture (JV) for a project. This JV contemplates that the JV partners will form an LLC. Each JV partner will have a defined ownership interest in the LLC, and the LLC will have responsibility for performance of the work. The general conditions include the responsibilities allocated to each party and address critical construction law contract issues. The contract issues include: the parties relationship and responsibilities to each other, scope of work and execution obligations, interests of the JV, management of the JV, financing of the JV, performance, payments, events of default and remedies, documents, insurance and bond, dispute resolution and mitigation, and more. Parties can modify the terms of the agreement for their individual needs and state law requirements. The JV may issue specific subcontracted work to a JV member through approval of the Executive Committee.