Joint Ventures Litigation Lawyer
In the business world, many situations can arise where joining forces with another person or business can be beneficial. Joint ventures are similar to partnerships but are for a specific project and a limited time. Most commonly, joint ventures occur with construction projects, for example a parking garage structure, that will benefit both parties. Unfortunately, as with partnerships, if one party does not hold up their end of the deal, a joint venture can cause financial harm to the other party involved. It is always possible for all members of a joint venture to be sued by a third party that has been harmed.
Prudent parties in a joint venture will have a written contract involving the terms of the agreement, but not all joint ventures include a contract. What is common in joint ventures is a fiduciary relationship between the parties. Each member of the venture is expected to act in good faith and fairness, putting the joint goal as the primary objective in all interactions. When one party of a joint venture breaks this fiduciary relationship or breaches a contract, it can cause financial harm to others in the group, leading to business litigation for resolution.
Damages Caused by Joint Ventures
There are many situations where joint ventures can result in financial damages to members in the venture or to third parties. Fraudulent business practices or a breach of fiduciary duty by one party in the joint venture can cause financial harm to other parties. A third party can be harmed by the joint venture and pursue a claim against the group. In any legal case involving a claim against a joint venture or one of its members, it is vital to have experienced litigators that understand the complexities of these business relationships.
At Conley, Griggs Partin LLP, our experienced attorneys offer expertise in handling complex joint venture litigation cases. Whether you are a third party who was financially harmed by a joint venture or a member of a joint venture seeking a claim against another member, our litigators can offer legal advice and representation for your case. Contact one of our offices in Georgia to schedule an initial consultation to discuss your claim.