Keys for Joint Venture Associates

1. What is the idealised and objective purpose of the joint venture?
2. What function/s, within individuals and collective venturer's aspirations, does the joint venture serve?
3. Will the joint venture be for cash-on-cash returns, a capitalised return in a prescribed timeframe, or an equity share arrangement with the occupant venturer?
4. In what area, region or state will the joint venture be pursued?
5. What are the predicted market opportunities within those criteria?

1. Who is in, specifically, the joint venture?
2. What are their defined entity descriptions?
3. To what prescribed limit are they in, and on what basis is their equitable share determined?
4. What will be the defined roles and responsibilities of each venturer?

1. What lawful structure will be used to operate the joint venture?
2. Will a simple partnership, limited liability partnership, unlisted trust, or a limited liability company suit the purpose?
3. Why do the joint venturer's understand that to be the case?

1. What are the projected ROI on the specified capital injections?
2. What are the limits of capital required for each phase, stage and component of the joint venture?
3. What are the "what if" risk management strategies associated with each joint venture?

1. What will be considered reasonable timeframes?
2. What will happen if those are not met be a joint venturer?
3. What will occur if the individual advice is contrary to the identified purposes, objectives and strategies of the majority?

1. What happens if a joint venturer wishes to exit the venture?
2. What if someone dies? Divorces? Becomes insolvent?
3. How are they replaced as a first option within the joint venture?
4. What strategies or tactics will be applied to "recruit" another to replace them?
5. What if another entity is introduced or proposes entry to the joint venture? What if they are from within the scheduled works of the joint venture?

1. Who will do what, and by when?
2. What will happen if they do not achieve the scheduled functions or timeframes?

1. Who pays for what?
2. How are expenditures monitored and recorded?
3. Who is responsible for "bookkeeping"?
4. What happens when an expenditure limitation may need to be exceeded?

1. Joint venturer's time invested, effort expended, return on capital, and "sweat", etc.
2. Considerations before the joint venture is entered upon, and
3. Returns to be stipulated within the accounting and records reconciliation for each joint venture.

1. What happens to all the profits after costs?
2. What if there are none?
3. What if there is a loss to be reconciled with outstanding accounts?

1. Is there an allowance for "soft commissions" for joint venturers?
2. Will referral be founded in individual's preferences or recommendations?
3. Will there be a tendering process, and how will that be conducted?

1. Will this be detailed and professionally presented?
2. Will it require evident due diligence, data assessment and SWOT analysis and be consequent of documented research and inquiry as conducted by the identified responsible Associate/s?
3. Will it be a "best guesstimate" of someone who should know?
4. Will it cover the individual's risk exposures and separate advice?

1. Will this be presented within a comprehensive and professional Joint Venture Investment Management Plan?
2. Will it be within a well defined Strategies, Works, Objectives and Timeframes format?
3. Will a comprehensive Business Case be prepared for each joint venture?

1. any "short offer" submitted in appropriate form on real property by an Associate is to be advised to the Principals, and other anticipated participating Associate/s, within twenty four (24) hours of such short offer being submitted, and
2. all joint venture proposals must be submitted in draft to the anticipated Associates group within seven (7) days using agreed documentations, and
3. preliminary joint venture inspections must involve a notified group of Associates, or
4. preliminary or proposed joint venture business acquisitions must involve a notified group of two (2) or more Associates, and
5. no contract on a real property or business joint venture proposal should be entered into by any Associate before the above is completed, and
6. joint venture undertakings will be accepted or rejected, within the above framework by the notified group of Associates within fourteen (14) days of submission or such time as is reasonable in all the circumstances, and
7. such other matters as may be agreed in writing between the joint venturers within the principled framework of FBP and Associates (as mutually and collaboratively amended from time to time).