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How to get a Joint Venture agreement cancelled
23-Oct-2023 (In Property Law)
We gave our land for joint venture ,for the purpose of constructing apartments for which we had deal before 5 year ,they promised to start it immediate once town planing is done from government end .yet they didn't started the project. They gave 50 lakhs as deposit by getting signed in a bond stating the amount paid as deposit and it is refundable ,against joint venture deal which is done ,60%for the builder and 40%for land owner & so now they are making delay in constructing . kindly suggest us good way to cancel the deal as we didn't mention any cancellation term in it.
This is a complex transaction, hence we will require to review terms of the Joint Venture agreement to provide you appropriate guidance. Nevertheless, on the basis of what you have mentioned in your query, I understand that the agreement is for particular project and the other party is causing unnecessary delay which is now a delay of more than 5 years, so you can write a letter to them stating that in case if he does not commence project immediately then you will terminate the agreement and will have no liability and all the payment made will be forfeited.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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JV may not be canceled because there is no clause in the agreement but at the end of the agreement it may be mentioned that in case of any dispute same has to be either resolved by mutual discussion or by appointing Arbitrator. If any issue regarding delay of construction is concern you need to discuss with concern. whenever you are executing document, you also should have consult your legal adviser, he could have suggested to add the cancellation clauses in the agreement.
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