Joint Venture Agreements
New releases of land for both residential and commercial purposes, increased broad acre sub-division and development, the boom in high-rise apartment buildings and the commercialisation of government ventures has meant the increase of joint venture agreements across Queensland.
From Cairns to Coolangatta, property investors, developers and government have combined resources to meet property and infrastructure demands of population growth and business expansion. Quinn & Scattini Lawyers offer professional management of joint venture agreements by an experienced, well-qualified team of property lawyers.
A joint venture can be described as an association of persons or co-venturers, individuals, businesses or corporations, engaged in a common undertaking with the purpose of producing mutual profit or a shared product. Joint Venture Agreements cover a multitude of pacts, from family members buying a house together, to entrepreneurs joining resources to create a multi-million dollar development, such as a joint venture shopping centre, a shipping port complex or an urban village.
Joint ventures can be structured in a variety of ways. A joint venture can be set up to include a company, a unit trust, a partnership or another sort of contractual agreement. Matters such as GST and stamp duty need to be handled with certainty. Professional insight into issues that may arise ensures that problems are anticipated and avoided.
Queensland Government guidelines for joint ventures
In Queensland, the government has participated in many Joint Venture Agreements with developers and investors. As an attachment to the government's State Purchasing Policy, the Queensland Government provides guidelines for entities entering into joint ventures. These guidelines recommend fundamental principles for joint ventures, including open and effective competition, offering value for money, enhancing the capabilities of local business and industry, environmental protection, ethical behaviour and fair dealing. It is vital for parties to understand the intent of government guidelines, and underlying government and community aspirations for development in Queensland.
Whitsunday Shire Council v Laguna Australia Airport Ltd
A Supreme Court case (2007) demonstrates the importance of checking who holds the actual interest in a property and their power to dispose of the land. In the case Whitsunday Shire Council v Laguna Australia Airport Ltd, the court held that a contract entered into by a Queensland council for the sale of airport land and an airport business was unenforceable on the grounds that the council had no power to sell the land, as it was only holding it as trustee for the Queensland Government. Protracted negotiations to lease the land failed and Laguna Australia was ordered to pay costs. Oversights such as this can be expensive and timely.
Our Property Law Team deals with contracts and transfers of finances, ensure limitations of liability are understood, protects trademarks and individual business rights and guide co-venturers on associated project development. Negotiation of issues such as determining the liabilities of venturers and the time limits to be set on certain aspects of the agreement require specialist attention. Experience can determine the success of a joint venture.
We have acted on behalf of a number of joint venture agreements in Queensland. We can be trusted to bring practical knowledge and experience to the table. We understand the big picture issues in Queensland Property Law and, in particular, in joint venture agreements in this state, safeguarding a profitable outcome for our clients.
Joint Venture Agreements Team
Duncan Murdoch - Director