To complicate matters, a joint venture may be “hidden.” In general, joint venture agreements are formal: during the tendering phase, several companies declare an interest to the employer and propose jointly. When selected, they sign a joint venture or consortium agreement between them, known to the employer. The joint venture usually communicates with the employer and third parties using a header that shows each member`s name and logo and mentions their alliance, sometimes under a specific name. The facts in Veterans Construction Coalition, SBA No. SIZ-5824 (April 18, 2017) are relatively simple: AWA Business Corporation (a company 8 (a) and Megen Construction Company (a small business) have created a joint venture called Megen-AWA 2 (“MA2”) to supply and execute various construction projects on the Wright-Patterson Air Force base, under a decommissioning request 8 (a). The invitation in question was issued under the code NAICS 236220 (Commercial and Institutional Building Construction), with an equivalent standard of $36.5 million. In this scenario, contracts with termination clauses for certain events have no recourse. Even in the absence of such a clause allowing both parties to terminate the contract at the specified event, the contract may be terminated by an appropriate termination and would be determined by the nature of the agreement. In the end, if it turns out that the termination was legally wrong or contrary to the terms of the agreement or agreement reached between the parties or for some other reason, the applicants` remedy would be to seek compensation for the improper termination, but not the right to special compliance with the agreements. The doctrine of good faith is adopted by the American courts in these scenarios. In this paper, the researcher attempted to study laws and laws relating to the oversight of joint venture agreements. While studying the aspect of joint venture agreements in India, the researcher focused entirely on the contractual aspect of joint ventures. Since the scope of joint venture agreements is very important and it is not possible to examine all legal aspects such as corporate law, competition law, intellectual property rights, etc., the researcher must limit himself to the contractual aspect of joint ventures.
The parties are able to structure their proposal accordingly. However, the exemption for the joint venture does not exempt the parties from conduct when it significantly reduces competition. But here, too, there are exceptions to this general rule. For work that will be abandoned under the 8a programme, a joint enterprise agreement must be approved by the executive member`s 8a office. Prior authorization is also required for work that will be closed by the VA for SDVOSBs or VOSBs – in this case, CVE must approve the agreement before submitting bids. The relationship of the common adventurer is fiduciary and imposes on all participants the highest good faith, fairness and honesty in the relations between them with regard to the operation of the business. It prohibits a common adventurer from acquiring for himself a secret benefit or benefit related to the joint venture.