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.