Joint Venture Agreement

[John White]

Good Afternoon...

I'm hoping that someone would be kind enough to point me in the right direction. I'm looking for a Joint Venture agreement that I might be able to alter some of the language on. The basic framework is that I'm entering into an agreement for a split (60/40) of the profits. The property will be acquired by my company and my company will hold title. The big stipulation for me is that the contractor (who I am partnering with) has agreed to complete the renovation within 30 days (property is already fully gutted). He has told me that he is very comfortable writing that language into the contract. I guess my question would be...what should the penalty be if the 30 day deadline isn't met? I would assume less of a split on the commission? Just trying to get some ideas and trying to keep things fair and reasonable between us and ensure both parties are happy. Are there any sites that can find the framework (perhaps in Word format) for such an agreement? Any and all feedback is most appreciated. Thank you.

John