Tasmania only. This Deed or Memorandum of Understanding is between a company and another company who have decided to co-operate in a new joint venture operation which is project-based, meaning there are no revenues and no attempt to make sales or profit, simply to incur expenses from which both parties seek to benefit. This deed is like a partnership agreement between two companies but one that does not seek to create a new entity. A new management board is established, rules for running the operation agreed, and certain risks identified and dealt with. It adopts a modern document style (28 pp.); it uses ASIC's help to define likely and expected 'books of account and accounting records'. Since both companies might not benefit equally from thir participation in the project, the project costs may not be equal in percentage terms, but the project management is equal for important reasons. This deed agrees on eight principles of co-operation and makes the initial decisions that gets the joint venture under way. It describes individual and joint responsibilities of each of the parties to the agreement. It describes the appointment of an auditor, due diligence requirements, the need to make good, and certification of the final result.
Deed or Memorandum of Understanding (Tasmania only) between 2 companies to co-operate in a new joint-venture project.