Credit: BillionPhotos.com/Adobe Stock A Final Agreement and a Losses Sharing Provision Might No Longer Be 'Indispensable' Elements of Joint Venture Agreements
The full impact of the First Department's decision, on both the issue of the loss sharing provision as well as the requirement that the purported agreement be final as opposed to an agreement to agree, remains to be seen, but perhaps signals a shift from a more rigid consideration of these two elements under New York law.
June 17, 2022 at 11:45 AM
7 minute read
A recent decision by the Appellate Division, First Department, Bradbury v. Israel, 204 A.D.3d 563 (1st Dep't 2022), suggests potential increased flexibility with respect to pleading two key elements that have been "indispensable" to alleging the formation of a joint venture under New York law: a concrete, final agreement (rather than an agreement to agree) and sharing of profit and losses.
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