A joint venture is generally understood to mean an association of persons (both natural and corporate) formed for the purpose of undertaking a specific venture, typically requiring a wide range of technical, managerial and financial resources.
A variety of legal forms may be used for the conduct of such a venture, including:
- trusts
- partnerships
- unincorporated associations which are not partnerships
- corporations
Inevitably where people are involved disputes arise. These disputes may arise because:
- there was no formal agreement
- of a poorly drafted, poorly constructed or uncertain agreement
- of a breach of an agreement
- the parties circumstances have changed
- of personality disputes
- underperforming partners
- of disagreement about business goals
- dysfunctional partnerships
- of financial stress or poor performance of a venture
- of unequal contributions of investment, assets or expertise
Often, the various documents that govern a joint venture arrangement will contain a dispute resolution clause which requires the parties to undertake a formal dispute resolution process, normally on a confidential and without prejudice basis in the event that a dispute arises. Normally, this type of dispute resolution process involves mediation.
In the event negotiation and mediation is unsuccessful, parties may need to consider instituting proceedings to obtain the appropriate orders. Our team of experienced joint venture dispute litigation and dispute resolution lawyers and accredited mediators can help you obtain the most efficient and cost effective resolution possible.
