Apartment Joint Venture Agreement Template for Philippines

The Apartment Joint Venture Agreement is a crucial document used in the Philippine real estate sector when two or more parties wish to collaborate on developing an apartment complex. This agreement becomes necessary when different parties bring complementary resources to the project - typically one party contributing land while another provides development expertise and capital. The document must comply with Philippine legislation, including the Civil Code, Condominium Act, and Foreign Investments Act if international parties are involved. It serves as the foundational document that governs the entire development process, from initial planning through to completion and unit sales. The agreement is particularly important in the Philippine context where real estate joint ventures are common vehicles for property development, especially in urban areas where apartment developments are in high demand. It includes detailed provisions for contributions, profit-sharing, management structure, development timeline, and compliance with local regulations.

1. Parties: Identification of the joint venture partners, including complete legal names, addresses, and registration details

2. Background: Context of the joint venture, including the property details and parties' intention to develop the apartment project

3. Definitions: Definitions of key terms used throughout the agreement

4. Project Scope: Detailed description of the apartment development project, including location, size, and nature of development

5. Contributions: Specific contributions of each party (land, capital, expertise, etc.) and their respective values

6. Ownership and Profit Sharing: Structure of ownership, profit-sharing ratios, and distribution mechanisms

7. Management and Control: Governance structure, decision-making processes, and voting rights

8. Development Timeline: Project phases, milestones, and completion deadlines

9. Rights and Obligations: Detailed responsibilities and rights of each party

10. Financial Provisions: Budget, funding mechanisms, cost allocation, and financial management

11. Construction and Development: Construction standards, contractor selection, and development specifications

12. Marketing and Sales: Strategy for marketing and selling the apartment units

13. Compliance: Obligations regarding permits, licenses, and regulatory compliance

14. Term and Termination: Duration of the agreement and circumstances for termination

15. Dispute Resolution: Procedures for resolving disputes, including mediation and arbitration

16. Governing Law: Specification of Philippine law as governing law and jurisdiction

17. General Provisions: Standard clauses including notices, amendments, and severability