JOINT VENTURE AGREEMENT

THIS JOINT VENTURE AGREEMENT is made the--------------day of----------------2015. BETWEEN --------------------------------------------of......................................................of the first part and --------------------------------------of---------------------------------------------of the other part.

WHEREBY IT IS AGREED that the parties hereto (hereinafter together called "the partner" shall become partners in the business of................................................... upon the terms hereinafter contained, namely:

Place of Business

The joint venture business shall be carried on at ................................................................ Or at such other place of places as the partners may from time to time agree upon.

Duration of Venture

The duration of the joint venture shall be .............years from the ........................... to.............................but subject to prior determination as hereinafter provided.

Name of Business

The firm's name shall be ............................................Which shall be registered pursuant to the Companies and Allied Matters Act, 1990.

Bankers

• The bankers of the joint venture shall be

...................................................... or such other bankers as may from time to time be agreed upon by the partners. All moneys of the Joint venture (other than moneys from petty expenses) shall be paid to and kept deposited with the said bankers.

• Each partner shall have power to draw Cheques in the name of the firm.

Capital

The capital of the joint venture shall be a sum of Fifty Million Naira (N50, 000,000 Naira) to be contributed by the partners in equal shares immediately after the date of this agreement.

Profit Sharing

The partners shall be entitled to the net profits arising from the business in equal shares and such net profits shall be divided among the partners immediately after the settlement of the annual accounts.

Account Book/Accountability

• Proper and usual books of account shall be kept and maintained at the place of business of the Joint venture and shall be open to inspection by either partner or their agent.
• On ..................... and on the same day in each succeeding year, an account shall be taken of all assets and liabilities of the Joint venture and a balance sheet and profit and loss account shall be prepared and be signed by each partner who shall be bound thereby unless some manifest error shall be found their within three months in which case the error shall be rectified.
• Each partner may draw out of the Joint venture profit the sum of N

............................. every month on account of his share of profits, but if when the annual account is taken, either partner shall have drawn any sum in excess of his share of the profits he shall forthwith repay such excess to the said joint venture account.