Land Joint Venture Agreement Template for Nigeria

The Land Joint Venture Agreement is a crucial document used when multiple parties wish to collaborate on land development projects in Nigeria. It is particularly relevant when combining land assets with development expertise and capital investment. The agreement must navigate the specific requirements of Nigerian land law, particularly the Land Use Act, which vests all land in the state governors and requires specific governmental consents for land transactions. This document type is essential for structuring complex land development projects, defining parties' contributions and responsibilities, establishing management and control mechanisms, and ensuring regulatory compliance. It's commonly used in real estate development, industrial projects, agricultural ventures, and infrastructure development, providing a framework for risk sharing and profit distribution while protecting all parties' interests under Nigerian law.

1. Parties: Identification of the joint venture partners and their registered addresses

2. Background: Context of the joint venture, including brief description of the land and parties' intentions

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Joint Venture Structure: Legal structure of the JV, ownership percentages, and initial contributions

5. Land Contribution and Title: Details of the land being contributed, title verification, and Land Use Act compliance

6. Capital Contributions: Financial and non-financial contributions of each party

7. Management and Control: Decision-making processes, management structure, and voting rights

8. Development and Operation: Overview of development plans, timelines, and operational responsibilities

9. Profit Sharing and Distribution: Distribution of profits, losses, and other financial arrangements

10. Transfer Restrictions: Limitations on transfer of interests and right of first refusal provisions

11. Representations and Warranties: Parties' representations regarding capacity, authority, and land title

12. Compliance and Permits: Obligations regarding governmental approvals and regulatory compliance

13. Term and Termination: Duration of the joint venture and termination provisions

14. Dispute Resolution: Process for resolving disputes, including mediation and arbitration procedures

15. Confidentiality: Protection of confidential information and trade secrets

16. Governing Law: Specification of Nigerian law as governing law and jurisdiction