Article 5 Rights and duties of the Joint Ventures
5. Business of the Joint Venture.
Both shall have full, exclusive and complete authority and discretion in the management and control of the business of the Joint Venture for the purposes herein stated and shall make all decisions affecting the business of the Joint Venture. As such, any action taken shall constitute the act of, and serve to blind, the Joint Venture. Both shall manage and control the affairs of the Joint Venture to the best of its ability and shall use its best efforts to carry out the business of the Joint Venture. In conduction business for the purpose of this Joint Venture, mutual consent by both parties are required if such acts should constitute any legal bindings or obligations.
ARTICLE 6 AGREEMENTS WITH THIRD PARTIES AND WITH AFFILIATES OF THE JOINT VENTURERS
6.1 Validity of Transactions.
Affiliates of the parties to this Agreement maybe engaged to perform services for the Joint Venture. The validity of any transaction, agreement or payment involving the Joint Venture and any Affiliates of the parties to this Agreement otherwise permitted by the terms of this Agreement shall not be affected by reason of the relationship between them and such Affiliates or the approval of said transactions, agreement or payment.
6.2 Other Business of the Parties to this Agreement. The parties to this Agreement and their respective Affiliates may have interests in businesses other than the Joint Venture business. The Joint Venture shall not have the right to the income or proceeds derived from such other business interests, however such business should not contradict or compete with the Partnership business.
(If partners to the JV have other business interests, how can we guarantee absolute devotion to the JV)