ACDBE Joint Venture Guidance Lawyer, Michelle DelMar, Esq.
NEWS: Fed and Airports are now more strict , what does this mean for your ACDBE Joint Venture? Waiting is Significantly More Costly.
What's changed recently concerning ACDBE Joint Venture Guidance?
- ACDBE Joint Ventures are Airport Concession businesses that have a partner that is and ACDBE Certified business. Having an ACDBE Certified business as a partner has advantages, including priority, preference or fulfilling requirements for Airport Concession Lease Bids.
- In order to obtain federal funding and/or subsidies, Airports must (a) provide a portion of the their concession space to ACDBE Certified businesses and (b) enforce compliance with the ACDBE Joint Venture rules and regulations. If they do not, the Airport risks losing federal funding. That is a very powerful incentive for Airports to lease to ACDBE Joint Ventures and to enforce the rules and regulations.
- Recently, more than ever, Airports are requiring much more strict compliance with the Federal rules and regulations governing ACDBE Joint Ventures. Audits, a.k.a. Airport JV Reviews by Airports of ACDBE Joint Venture Agreements, have increased and can be very costly if not dealt with appropriately or avoided by taking steps before the Review. Provisions that were allowed without question in the past, are now being deemed unacceptable and ACDBE Joint Ventures have been found non-compliant and not countable toward the Airports' ACDBE program.
WHAT TO DO?
- HAVE YOUR ACDBE JOINT VENTURE AGREEMENT REVIEWED BY QUALIFIED LAWYER NOW. Every ACDBE Joint Venture should have their Joint Venture Agreement or Joint Venture (JV) Operating Agreement, reviewed by ACDBE Joint Venture qualified Lawyer immediately, and preferably prior to Review.
- Likely the JV Agreement will likely need to be revised to strictly comply with the current rules and regulations.
- If you are involved in an ACDBE Joint Venture, you should consult with a qualified ACDBE lawyer familiar with the ACDBE compliance issues so that you can receive ACDBE Joint Venture guidance.
- WAITING after your ACDBE Joint Venture is under Airport Review is SIGNIFICANTLY MORE COSTLY.
What are the next steps? Contact Michelle DelMar, Esq., for next steps concerning ACDBE Joint Venture guidance, advice and representation concerning ACDBE Certification, becoming compliant, maintaining compliance and related ACDBE matters.
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