NEWSLETTER-2017

31 COMMERCIAL LAW of Capital Contribution Joint Ventures, parties of the relationship first form a partnership relationship that possesses the characteristic of a joint venture by conducting a joint venture contract. Then they estab- lish a commercial company that has a legal personality, and commence participate in an already existing partnership. Contractual Joint Venture In relation to the categorization of joint ventures according to subject, a contractual joint venture serves the purpose of performing a single work or a continuous activity; whereas, a capital contribution joint venture is formed with the purpose of running long-term com- mercial operations together 2 . The formation of a joint venture, regard- less of its nature, is based on a contract stipulated by the participants of the relationship 3 . Below contractual joint ventures will be examined. A contractual joint venture is also defined as the relationship that is formed by the aggregation of multiple natural or legal entities that are financially and legally independent from one another, in order to take the responsibility of conduct of the work towards the owner, where each partner is liable for the whole of the work. In a contractual joint venture, the life span of a joint venture is usually limited to the projected work. In this sense, transience cannot be measured as a contractual joint venture, and terminates when the project that is subject to the contract comes to an end; in other words, when the purpose of the contract is fulfilled 4 . In parallel with these explanations, also in practice, a contractual joint venture is formed under the contract stipulated by multiple com- panies that are financially and legally independent from one another, with the purpose of conducting the whole of the work together, without separating the sections related to their own specialty areas, and jointly and severally sharing risk. As a contractual joint venture qualifies as a 2 Dr. Sıtkı Anlam Altay, Capital Contribution Joint Ventures in Law of Joint Stock Companies, İstanbul, 2009, p. 38. 3 Barlas, p. 285. 4 Altay, p. 39.