TAKE ADVICE
Page 23
If you've noticed an error in this article please click here to report it so we can fix it.
Take legal advice covering operator-specific matters, such as any changes to, or new, O-licences that may be required. This should be covered well in advance of the joint venture commencing, so that licensing requirements can be run alongside setting up the joint venture.
The contract to regulate your joint venture should include: • objectives and scope of the joint venture; • management arrangements and decision-making; • provision of information and communication between the parties; • financing (initial and future); • how revenues and profits will be divided between the parties; • who is responsible for losses and liabilities; • effect on other business interests – will there be restrictions on other business activities that can be carried out by the parties?
• dispute resolutions procedures; • termination.