Sample Joint Venture Agreement Property Development in Malaysia

When two or more parties come together to develop a property in Malaysia, it is important to have a joint venture agreement in place. This agreement lays out the terms and conditions for the development and ensures that all parties are on the same page.

In a joint venture agreement for property development in Malaysia, there are certain key provisions that should be included. These include:

1. Roles and Responsibilities: The agreement should clearly define the roles and responsibilities of each party. This includes who will be responsible for financing the development, obtaining permits and approvals, managing the construction process, and marketing and selling the completed property.

2. Profit Sharing: The agreement should also outline how profits will be shared among the parties. This can be done in a number of ways, such as a percentage of sales or a fixed amount.

3. Dispute Resolution: In the event of a dispute between the parties, the agreement should have a clear process for resolving the issue. This can include mediation, arbitration, or going to court.

4. Termination: The agreement should also outline the circumstances under which the joint venture can be terminated. This can include things like non-performance, breach of contract, or changes in the economic climate.

5. Confidentiality: If there are sensitive business or financial information that needs to be kept confidential, the agreement should have provisions for protecting that information.

Overall, a joint venture agreement for property development in Malaysia is a critical document that can help ensure the success of a development project. By clearly defining roles and responsibilities, profit sharing, dispute resolution, termination, and confidentiality, all parties can work together towards a common goal.