Management General Comment Sample Clauses

Management General Comment. The primary function of management provisions in a joint venture agreement is to set out the chosen framework for the governance of the venture and the respective roles of the Members and/or their designated representatives in the ongoing guidance and supervision of the Company. The management provisions must be tailored to achieve the Members’ and the venture’s business objectives. They must also be designed to be workable and function as smoothly and efficiently as possible in the context. The role of the Members and/or their designated representatives in management will depend upon the extent to which the Company is to be principally controlled by one Member or both and the extent to which the Members intend to rely on Company employees or professional managers to run the business. The management provisions should be sufficiently developed at the outset in order to minimize future disputes and avoid having to subsequently resolve who can or should make decisions or authorize various actions. Some important general issues for the prospective joint venturers to consider are: 1 the use of a management board comprised of Member representatives rather than direct Member control (in the Model JV Agreement, a Management Committee); 2 the extent of authority given to the management board (here, a Management Committee) and that reserved to the Members (in the Model JV Agreement, the Management Committee has the exclusive authority to manage or direct the management of the venture, with certain identified ‘‘fundamental’’ decisions requiring agreement by each Member’s Management Committee representative, in effect a veto right for each Member);
Sample 1
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