Whenever two engineers or two engineering companies or entities come together with a common motive and to achieve a single goal, then the arrangement that they enter into is known as an engineering joint venture. While these ventures may be discussed and decided upon verbally, it is sensible to form a written contract which is known as an engineering joint venture contract.
Such a contract gives the details of the joint venture and protects each party against violation of promises by the other. Any such contract is a legally enforceable document which means that the party which violates the terms of the contract must be held legally chargeable.
An engineering joint venture contract is a written record of proof of the duties and responsibilities which each of the parties has agreed to perform to reach the common objective. Most of these contracts are time bound which means that they have a certain termination date on which they are expected to dissolved or discontinue.
The contract document must clearly mention the starting as well as the termination date to indicate that the agreed terms shall not hold viable after the contract term ends. The contract must be signed by both the parties to showcase their mutual consent or agreement.
Sample Engineering Joint Venture Contract: