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Joint ventures for oil and gas megaprojects
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Understanding Joint Ventures in the Oil and Gas Sector | Joint Venture | Tech Start Ups
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Culture diversity essay topics. Free essays bloody sunday. Write compare contrast essay yahoo answers. Georgetown essay prompt Argumentative essay topics for technology. Essay solutions water pollution. Critical essays on things fall apart. Parties are free from many of the restrictions under the partnerships and companies acts. Also, as opposed to a partnership, a joint venture structure gives each party a limited liability in the sense that each party is severally liable and not jointly liable for its share of monies owing to third parties.
An unincorporated joint venture agreement is a private arrangement and therefore is not subject to public scrutiny like the articles of an incorporated company. The nature of the business or the sophistication of one the parties may lead to a choice of incorporated entity. The framework provided by corporate law and additional protection available to shareholders may be preferred as an incremental safeguard to contractual rights. Partners may prefer an unincorporated venture allowing them to keep separate accounts and maintain their own accounting policies It is easier to transfer shares to incoming parties which is a big advantage of an incorporated joint venture.
Because it tends to be specific as to the parties needs, a transfer of shares is unusual once JV agreement has been reached If the parties want to use collective financing and grant security over the joint venture assets, a company is necessary. Additional shares can be issued as a way of securing further capital. Will include Items such as: Regulatory consents Licenses required Approval of business plans Parents Board approvals Can be set up to be dependent on: Investors equity falling below a certain threshold Listing on an exchange Completion of a specific project or a specifies date.
Start-up Capital typically would be Equity subscription for shares ; agreement will set out the number, class, price Can be complemented with debt financing Subsequent capital raising to be set out in share holders agreement In an unincorporated JV property is beneficially owned in proportion to their interest Profits and losses also shared in proportion to these respective interests Under an Incorporated JV, the Company itself owns the assets and JV shareholders own the shares Need to specify independent auditors who will act as experts and not arbitrators Critical to separate Management from shareholders or board oversight Contracting a management company which provides indemnity to JV in case it breaches its contracts can be useful Also useful in allowing for knowledge transfer when Management is delineated.
Mandate and structure of Management Co Un incoporated and Board of Directors Incorporated are similar Each party will have representatives proportionate to their shareholding Certain decisions can be majority and others unanimous allowing minority some veto power Matters such as issue of new shares; acquisitions or divestments, dividend payments and major amendments should require unanimous consent Key to define confidential information and obligations of each party.
Certain experts believe remaining silent on this point will force parties to reach commercial solution Alternative could be to appoint an expert or arbitrator. Time consuming but better than relying on courts Other Alternatives include; Swing man Director; shot gun provisions forcing either party to buy or sell from other party ; auction system sell shares to highest bidder Difficult to enforce unless there is a proprietary aspect to the JV Should have an expiry period and cannot be open ended Most critical provision of an incorporated JV Issue of new shares will require consent of all and offered on a pro-rata rights basis Transfer of shares should have pre-emptive right Management Contracts Financing Agreements Technical Services Agreement Brand Licence Agreement.
Treasury Bill Operating Company. Pay interest and dividends with additional debt or equity instead of cash.
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Busingyes debt obligation will grow with interest being added to principal every year. He pays out at the most convenient time based on his cash flows. Major advantage is that it matches with Busingyes cash flow. Gives Busingye an option to buy-into equity when his cash flows improves in year 3 at pre-determined valuation. If an immediate transfer of ownership to locals would jeopardize profits, the company can submit a plan to equip locals with necessary skills to take over in the future. Financing Options There are multiple funding options that can be utilized to facilitate this transfer of shares in an Indigenization scheme.
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