The key risk management techniques which will be applied to address and mitigate the identified key risks are as follows:
- The careful initial market assessment work to be conducted and verified in consultation with local partners.
- The drafting of the Joint Venture Agreement on a win/win basis with pragmatic dispute resolution procedures and pre-agreed termination and exit arrangements.
- The careful selection of the general manager with proper contractual terms and visa arrangements for a 24-month term plus 12-month option to the BCV.
- The specific focus in the early stages to ensure all necessary supplementary vendor registrations and product trials are completed as soon as practicable.
- The JV Agreement will contain appropriate provisions as regards risk allocation and bonds, guarantees, indemnities and insurance.