ConsensusDocs released a new ConsensusDocs 297 Joint Venture Line Item Agreement today. The agreement is the first standard line item venture agreement that accommodates joint ventures between contractors, construction managers, design-builders, design professionals and other parties. ConsensusDocs is the only publisher of standards construction documents that accommodates a number of formations of joint venture arrangements, which have become increasingly important in today’s design and construction industry. The line item version is a significant addition because many joint ventures divide joint venture responsibilities by specific work order tasks rather than a general percentage of responsibility.
“This agreement makes it easier for multiple parties to combine efforts, expertise and resources, share project risks, and meet socio-economic goals of federal programs,” states Kory D. George, partner at Woods & Aitken LLP and chair of the ConsensusDocs joint venture working group.
Companies working on joint ventures now have an additional standardized form that simplifies getting contracts signed and work performed. It can be used at the teaming or proposal development stage, as well as for project performance. Line item joint ventures are common for highway or horizontal design and construction work, as it often makes more sense to delineate specific work responsibilities. “Rather than take a one-size fits all approach, our documents provide options that reflect the complexity of today’s contractual relationships in the construction industry,” comments Brian Perlberg, Executive Director of ConsensusDocs.
ConsensusDocs are the only standard contracts written and endorsed by 39 leading design and construction industry associations. For more information, visit www.ConsensusDocs.org.