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Legal Developments worldwide

Construction 2011

September 2010 - Real Estate & Property. Legal Developments by ALTIUS (in cooperation with Tiberghien).

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Joint ventures: Must foreign designers or contractors enter into a joint venture with a local contractor to design, build and be paid for their work? Does the law require that the local contractor control the joint venture?

Foreign designers or contractors do not need to enter into a joint venture with a Belgian contractor to design, build or be paid for their work or services in Belgium. Should they wish to enter into a joint venture with a Belgian contractor, for instance to benefit from their experience of the local market, it is not required by Belgian law that the Belgian contractor controls the joint venture.

Usually, a joint venture is set up as a temporary company (société momentanée or tijdelijke handelsvennootschap). Under article 48 of the Company Code, the temporary company does not require specific formalities. This temporary company does not have a legal personality, which means that third parties can recover their debts against the temporary company directly from the partner companies to the joint venture.

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Fiirst published in Getting the Deal Through – Construction 2011. www.gettingthedealthrough.com

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