There’s a lot of talk about joint-venture projects as more firms are teaming up to work on larger and more complex projects.
For those of you who haven’t worked on a joint-venture project, a joint-venture partnership is project partnership that creates a new legal entity made up of two or more separate firms. These agreements enable smaller firms to combine their efforts to bid on a project as a more complete entity. This style of project delivery requires collaboration across multiple disciplines, and sometimes, multiple locations.
When should you use a joint-venture agreement?
A joint-venture agreement should be used when your firm wants to bid on a project, but does not have the bandwidth or expertise to execute it well. Joint-venture partnerships place the responsibility equally on both parties involved—shared responsibility means shared accountability, so both teams have an equal investment in the project.
What does a successful joint-venture project look like?
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