![]() Since each partner in a construction joint venture usually prepares an independent cost estimate for the performance of the project, risk is reduced by basing the joint-venture bid on more than a single cost estimate-that is, two (or more) heads are better than one. Joint venturing may make it possible for a single contractor to participate in a bid on a project that would otherwise be too large a risk. Several factors make this practice attractive. ![]() If you have questions about joint ventures or business partnerships, contact our law firm today.Two or more construction contractors sometimes compete for a particular project as a joint venture by pooling their resources and sharing the risk and potential profit. Because of this, it is strongly recommended to reach out to a business law attorney specializing in joint venture agreements to make sure all parties involved are protected and the agreement is properly set up.Īt Hoeg Law, we assist companies and business owners with setting up partnership agreements and provide top quality legal guidance through these agreements. Joint ventures are variable by nature due to the amount of parties involved and the purposes for setting it up.
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