Decision-Making in Joint Ventures
The title of this paper is very broadbroader, frankly, than its actual content. While I will discuss, to some extent, the establishment, appointment, and functions of the Management Committee and the Operator of a joint venture, it will be presented principally as necessary background. The main purposes of the paper are (i) to explore methods of resolving disputes regarding the planning and execution of joint venture activities; and (ii) to discuss a variety of possibilities for dealing with the protection of all parties' interests should some of them decide that further expenditures are not justified, while others decide that additional expenditures are desirable.
First, however, a brief discussion of the decision-making mechanisms themselves.
MANAGEMENT OF JOINT VENTURES
The Management Committee
A joint venture is, by nature, a combination of separate and distinct interests for the purpose of accomplishing a particular limited purpose. This limited purpose represents  only one of the many objectives of the individual entities involved in the joint venture. The interests of these entities may, therefore, be divergent. For this reason, it is essential that the interests of all participants be represented in establishing long-range policies and making budgetary decisions for the joint venture. It would seem that the best method of achiev
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