JV Party definition
Examples of JV Party in a sentence
There will be no additional capital contributions required by any JV Party unless voted upon as in section 10(c) above.
It is accepted and agreed that, as each JV Party’s initial contribution to the Joint Venture (“Initial Capital Contribution”), such JV Party has made (or will, on the date hereof make) a contribution to the Joint Venture of the money, property, and/or services specified in Exhibit B hereto.
Notwithstanding the foregoing, except as otherwise expressly provided in this JV Agreement or by other written agreement executed by the JV Parties, no JV Party shall have the authority to act for or to assume any obligations or responsibilities on behalf of any other JV Party.
Such books shall, at all times (during business hours and upon reasonable notice), be open to inspection by any JV Party, or such JV Party’s authorized representatives.
Unless expressly provided in this JV Agreement to the contrary, no JV Party shall have the authority to act for, or responsibility to assume any obligation or responsibility on behalf of, any other JV Party or the Joint Venture and no JV Party shall be deemed to be an agent for or representative of any other JV Party.
In the event that either JV Party is unable to perform the Contract due to force majeure or inability to continue operation due to continuous severe losses, the Contract may be terminated by unanimous approval of the Board of Directors of the JV and approval from the original examination and approval PRC Government organization.
In addition to the right to claims for damages, the non-breaching JV Party shall have the right to terminate this Contract and to file with the original examination and approval organization for such termination if the breaching entity does not cure its breach within thirty (30) days of written notice thereof.
Any party who fails to make timely and adequate capital contributions pursuant to Chapter V, shall pay the other JV Party an amount equal to five percent (5%) of such shortfall amount of delay of payment thereof.
In the event that any JV Party or the JV fails to perform its obligations stipulated in this Contract, the Articles of Association or the Technology Transfer Agreement or repudiates this Contract, the Articles of Association or the Technology Transfer Agreement, such JV Party or the JV, as applicable, shall be regarded as unilaterally in breach of this Contract.
The failure at any time of a JV Party to require performance by the other JV Party of any responsibility or obligation required by this Agreement shall in no way affect a JV Party’s right to require such performance at any time thereafter, nor shall the waiver by a JV Party of a breach of any provision of this Agreement by the other JV Party constitute a waiver of any other breach of the same or any other provision nor constitute a waiver of the responsibility or obligation itself.