Joint Venture Agreement For Construction Of Building In India
The Floor Space Index (FSI) is an important aspect of the real estate sector. FSI alone determines the total area of a building in relation to the size of the land on which it is built. FSI takes into account factors such as road width, façade, etc. Simply put, FSI indicates the ratio between the total area and the size of the land. For example, the FSI of 1.5 means that the total area that can be built is 1.5 times the gross size of the land. Once the ISP is defined for a construction, no derogation is allowed. Even the slightest derogation calls for strict measures that involve the demolition of the construction beyond the authorized limits. Note in particular paragraph 24.8 (Competition Act). In certain circumstances (in particular where the parties are significant and the cooperation effectively exercises monopoly control over a relevant market), a joint venture may constitute an anti-competitive practice.
In the event of a risk, the parties would be well advised to consider returning the agreement to the Director General of Fair Trade. Often, the Director General maintains an agreement provided that the terms of the agreement are made public. However, the Director General will often agree to protect the economically sensitive terms of an agreement (or a full agreement) at the request of a party. This clause obliges both parties to do everything in their power to apply to the Director General in order to protect the economically sensitive aspects of the agreement (e.g. B working capital). A decision on a possible reference should not be taken without recourse to specialised legal advice. This Joint Undertaking Agreement for Construction shall lay down the basis for cooperation between the Parties to the Joint Undertaking. It shall include the general tasks, the management structure, the principles of joint tendering for tenders, joint work in contracts remunerated to the Joint Undertaking, as well as financial agreements and liability issues. With the implementation of the Consumer Protection Act 1986, there are parallel mechanisms for resolving disputes concerning the sale of services or goods. The Consumer Protection Act provides for a faster remedy without payment of the exorbitant legal fees to be paid when filing a complaint for certain services before the civil courts. Under the Special Relief Act 1963, the owner of the land receives substantial relief if, in the joint venture contract, the contracting authority does not complete the construction within the time limit set or no longer gives ownership after the completion of the construction.
The same applies when the construction is deficient or if poor quality building materials have been used in the construction. If important equipment such as water and electricity is not supplied, the contracting authority must compensate the owner. . . .
