B. Their relationship must be governed by this Agreement.
2. CREATION OF JOINT VENTURE
2.1 As at the Commencement Date, the Joint Venturers will participate in an unincorporated joint venture to be called «a11».
2.2 The Joint Venturers beneficially own as tenants in common in proportion to their respective Participating Interests the Joint Venture Project.
2.3 The legal ownership (not the beneficial ownership) of the Joint Venture Project and the assets of the Joint Venture may be vested in the Manager of the Project or any other nominated and approved entity as agent, nominee and bare Trustee for the Joint Venturers upon and subject to these terms and conditions.
2.4 As at the Commencement Date the respective Participating Interests of the Joint Venturers are identified in Schedule 2 and thereafter the Participating Interests must be as determined from time to time in accordance with this Agreement.
2.5 Each of the Joint Venturers must provide or procure the provision to the Joint Venture, all its expertise, skill and experience in the activities of the Joint Venture.
2.6 The Joint Venturers must share all Joint Venture Expenditure/profits in proportion to their respective Participating Interests.
Joint venture agreement - JOINVENT 1
