KNOW ALL MEN BY THESE PRESENTS:

This Joint Venture Agreement is entered into by and between the following:

          JOHN DOE, of legal age, Citizen: and resident of ______ City, Country_____ and herein after referred to as the “FIRST PARTY”;

-and-

         

          JOHNNY C. LATELY, of legal age, married, Citizen: and  all residents of ______ City,Country____, herein after referred to as the “SECOND PARTY”.

Witnesseth:

Whereas, the FIRST PARTY is the lessee of the fishpond situated in _______________ by virtue of a Fishpond Lease Agreement granted by the Bureau of Fisheries and Aquatic Resources;

Whereas, the parties hereto have agreed to enter into a joint venture agreement for joint management and operation of the aforementioned fishpond;

Whereas, the SECOND PARTY shall invest the capital for this venture while the FIRST PARTY shall grant the former the right to manage and operate the subject fishpond in consideration of the capital to be invested by virtue of this agreement;

Whereas, the parties have agreed to a profit sharing under the terms and conditions herein below set forth;

1.   Period and Termination - This joint venture agreement shall have a term a of one (1) year, commencing on the execution of this instrument, and renewable for the same period upon agreement of the parties, the second party however expressly recognizes the absolute right of the FIRST PARTY to the subject fishpond and in the event of  any transfer or conveyance, this Joint venture Agreement shall be deemed ipso facto cancelled and the right of the SECOND PARTY to manage and operate the subject  fishpond is automatically terminated;

In the event either party desires to terminate or renew the Joint Venture  Agreement, such party terminating or renewing shall give notice in writing to the other party at least  ninety (90) days from the date of intended termination or renewal;

2.   Improvements- The SECOND PARTY may introduce necessary  improvement and maintenance of the dikes and concrete gates but it is expressly agreed and understood however, that the SECOND PARTY shall not start or proceed with any repair work nor in any case introduce improvements or  make any alterations in the subject fishpond without the prior written consent and approval of the FIRST PARTY, and that any improvement thus introduced by  the SECOND PARTY shall belong  to the FIRST PARTY without need or reimbursement upon termination of this agreement;

3.   Expenses          -  All expenses for the management and operation of the fishpond shall be solely on the account of the SECOND PARTY;

4.    Profit Sharing- Upon harvest of the cultivated aquatic products coming from in the subject fishpond, the parties agree to a profit sharing of 70%-30% of net income, the 70% being the share of the SECOND PARTY, while the 30% being the share of the FIRST PARTY, provided that the share of the FIRST PARTY shall in no case be less than P324, 000.00, subject to increase in case the parties have this contract renewed in the succeeding year/s;

An advance of P162,000 shall be made by the SECOND PARTY to the FIRST PARTY on or before November 1, 2011 and the balance in the amount of P162,000.00 shall be paid by the  SECOND PARTY to the FIRST PARTY on or before February 1, 2012.

5.   Deposit for repairs- The parties further agrees that the SECOND PARTY shall make a deposit equivalent to One Hundred Thousand Pesos (Php100,000.00) which shall answer for the repair of any possible damage to the fishpond. It is understood however that the said amount shall be returned to the SECOND PARTY if no damage is caused to the fishpond upon the termination of this agreement;

6.    That the FIRST PARTY, upon the execution of this instrument, shall permit and allow the SECOND PARTY to take possession of the subject fishpond  free from any encumbrance and other right/s prejudicial to the SECOND PARTY’s interest in the exercise of their right to manage  and to operate the fishpond. The SECOND PARTY on the other hand hereby agrees to protect the property against any unlawful intrusion by unauthorized persons;

7.   The terms in this contract shall remain valid and binding, unless a new written instrument is made by the parties.

IN WITNESS WHEREOF, we have hereunto set our hands this ____________ in _______ City, Country________.

  “FIRST PARTY”                                                    “SECOND PARTY”

MR. JOHN DOE                                            JOHNNY LATELY

RESIDENCE CERT:                                                     RESIDENCE CERT:

 

           

                                                         

                                      Signed in the Presence of

          ________________________                      ________________________

Country:           )

City of ______                           ) Sc.

X------------------------------------x

ACKNOWLEDGMENT

BEFORE ME, this _________________ personally appeared the above-named parties, known to me and to me known to be the same persons who executed the foregoing Joint Venture Agreement which instrument they acknowledged to me to be their own free and voluntary act and deed.

This Joint Venture Agreement is composed of three (3) pages, including the page on which on which this Acknowledgment is written and has been signed by the parties on each and every page and their instrumental witnesses on this third and last page.

WITNESS MY HAND AND SEAL.

Doc. No. ____;

Page No. ____;

Book No. ____;

Series of 2012.

Joint venture agreement-cordero/kath’s folder