FOR IMMEDIATE RELEASE
January 17, 2024
Contact: Katie LaPotin, Executive/Marketing Director
(571) 396-5495
EJCDC Announces Release of EJCDC® E-590, Joint Venture Agreement for Professional Services, 2024 Edition
Alexandria, VA – EJCDC is pleased to announce the release of the EJCDC® E-590, Joint Venture Agreement for Professional Services, 2024 Edition.
A joint venture (JV) is a business arrangement in which two or more parties join together for the purpose of accomplishing a specific task. A joint venture is itself an entity, separate and distinct from the venturers’ other business interests. EJCDC® E-590 2024, Joint Venture Agreement for Professional Services, is a contract document in which two or more design firms (for example, two engineering firms, or an engineering firm and an architectural services firm; in certain cases an individual design professional might be one of the venturers) agree to join together to provide specific professional services to a third party. Such collaboration is often necessary because a single firm (or individual engineer) may not have adequate financial resources, professional licensing, technical skill sets, or available staff to successfully perform the services on its own.
EJCDC® E-590, Joint Venture Agreement for Professional Services, 2024 Edition remains consistent with the overall content, risk allocations, and philosophical approach of the document’s prior version. It has been updated for consistency with the most recent editions of EJCDC’s other professional services agreements, including terminology.
The E-590 updates are generally administrative in nature and the more notable modifications and clarifications to the update include:
- Clarification and guidance regarding the capital contribution process;
- Updated language governing reimbursement of expenses and invoicing;
- Additional language providing for prompt distribution of payments made by Owner to Joint Venture;
- Clearer language addressing confidentiality of documents;
- Minor updates to indemnification, notices and insurance provisions to follow the practice of other current EJCDC documents, as applicable to a joint venture.
EJCDC recognizes that there are many possible ways in which a joint venture can be structured and operated. E-590 as published is best used as a starting point or platform for a joint venture agreement and all parties will want to seek legal and business advice in using E-590 for the formation of a project-specific joint venture.
The EJCDC® E-590 is currently available for purchase in the online store at EJCDC.org. Members of EJCDC’s sponsoring organizations (the American Council of Engineering Companies, the National Society of Professional Engineers, and the American Society of Civil Engineers – Construction Institute) can also purchase this document directly from those organizations starting today at a 50% discount.
Over the last 50 years, Engineers Joint Contract Documents Committee (EJCDC®) has developed and updated fair and objective standard documents specifically written for infrastructure projects in the United States. Each EJCDC® Contract Document is systematically prepared, reviewed and analyzed by committees of experienced engineering design and construction professionals, owners, contractors, professional liability and risk management experts, with the participation and advice of legal counsel.
For more information, please contact EJCDC Executive/Marketing Director Katie LaPotin at katie@ejcdc.org or (571) 396-5495.
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