How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask UKSolicitorJA Your Own Question
UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
62162956
Type Your Law Question Here...
UKSolicitorJA is online now

there In JV where two parties entered into a property

Customer Question

Hi there
In JV where two parties entered into a property investment partnership and there is no clause for termination in the agreement, what remedy does the law provide for either party to terminate the partnership?
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
Hello,
Have the partners discussed mutual termination?
Customer: replied 2 years ago.

No.

Expert:  UKSolicitorJA replied 2 years ago.
I would suggest that the Partner who wishes to exit raises the issue first informally with the other Partner to the JV. If both are able to mutually and amicably agree to termination and on what terms, that is good.
If the parties are unable to mutually agree to orderly termination of the JV, the party wishing to exit may give notice of say 30 days terminating the JV. The party exiting should try to leave in an orderly manner.
May I help further?
Customer: replied 2 years ago.

The situation is that one of the partners is claiming that some of the assets are not part of the partnership. This is the subject of litigation between the parties. The court will decide if those assets are part of the agreement. But the offending party is also claiming that the JV automatically terminated on the day the dispute arose and the offended party claims the agreement still continues since neither party has given notice they want to terminate

Expert:  UKSolicitorJA replied 2 years ago.
The JV continues until either party gives notice to terminate it, or until both parties mutually agree to terminate it.

The offending party is not correct that the JV terminated when the dispute about asset ownership arose.

Hope this helps