Today, ConsensusDocs released a new Design-Build Joint Venture Agreement and a new Teaming Agreement. As the first industry standard joint venture for design-build, the document fills an important need. Constructors, architects and engineers are increasingly using joint venture relationships on projects utilizing the design-build project delivery method. Many potential joint venture relationships, which can be filled by constructors, design professionals or multiple permutations of those parties can use this new contract document. The new document helps parties address issues such as licensing and insurance requirements, as well as risk allocation issues. The new Teaming Agreement helps parties memorialize roles and responsibilities in submitting a project bid or proposal.
“Companies working on joint ventures now have two additional standardized forms that help simplify getting contracts signed and work performed. “The new Teaming Agreement provides standard terms and conditions for those parties wanting to create a team for submitting a proposal under the traditional building method,” states Kory D. George, partner at Woods & Aitken LLP and chair of the ConsensusDocs joint venture working group. “The Joint Venture Agreement was drafted specifically to address the unique contracting relationship required for a design-build project, and provides the team with a good contractual basis for delivering a better project.”