Recent developments in joint venture jurisprudence

Abstract

It is of vital importance to joint venturers and operators to understand and operate within the boundaries of their contractual framework. A number of recent cases relating to joint venture arrangements have been determined by both Federal and State courts. While each case reviewed is determined on the basis of its underlying facts and circumstances the judgments demonstrate how the courts may interpret and apply standard joint venture provisions. Importantly, the principles enunciated in these judgments may not align with how joint venturers understand their contractual arrangements. This paper reviews recent developments impacting joint ventures and identifies trends that will be relevant for the industry as a whole.