Q: Personal Guarantee on a failed Joint Venture Agreement. How much power do I have?
Hello. I invested 50k in a Joint Venture Agreement that never happened and was never paid anything. I was givin a personal guarantee to return the 50k about 6 months later. There are a couple things in how guarantee was written that may be subject to interpretation. And how much power does it give me? Guarantor owns property ect...Appreciate any advice as I decide best path forward.
Your questions can likely be answered with a review of the joint venture agreement. Your relationship with the other parties and how, if and when return of capital will be provided, is contractual in nature, assuming it is defined or explained in the joint venture agreement. You should reach out to an attorney to review the joint venture agreement so you can find out where you stand with return of your capital investment.
You state that you were given a "personal guarantee" to return the $50K about 6 months later. I am not sure if you are saying that is contained in the joint venture agreement or if someone simply verbally told you that. If it was a verbal agreement, then you have hard battle to fight. The joint venture agreement likely has a clause in it that says the entire written agreement are all the agreements between the parties, and no oral agreements are binding, or something to that effect.
You should reach out to an attorney and have them look over the joint venture agreement.
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