Common use of Joint Venture Participation Clause in Contracts

Joint Venture Participation. For this option, a proposer enters into a joint venture agreement with a certified ACDBE partner. If the ACDBE Goal is to be met through a joint venture agreement with an ACDBE partner, count the portion of the gross receipts equal to the distinct, clearly defined portion of the work of the concession that the ACDBE performs with its own forces. To be eligible for credit towards meeting the ACDBE Goal, the ACDBE partner must share in the financial risks and rewards commensurate with the amount of proposed ACDBE participation sought to be credited towards the ACDBE Goal. For purposes of ACDBE participation, joint ventures are not certified as ACDBEs. If Concessionaire will form a new joint venture for any purpose that has not been previously approved by the Airport, it must submit a Draft Joint Venture Agreement to the Airport. Joint Venture Agreements shall be specific to the proposed concept and location.