The Philippine Supreme Court has described a joint venture as an association of persons or companies that jointly make a commercial enterprise; Generally speaking, all assets contribute to and share the risks that a community of interests imposes on the performance of the object, a right to direct and regulate policy in this context, and an obligation that can be modified by an agreement to share in both profits and losses. [ Kilosbayan vs, Guingona, 232 SCRA 110 (1994)] 2. Each of the partner undertakings, with its private ownership, would be liable to the creditors of the Joint Undertaking beyond its contributions to the Joint Undertaking. 6.01 Validity of Transactions. Related undertakings of the Parties to this Agreement may be entrusted with the task of providing services to the Joint Undertaking. The validity of transactions, agreements or payments involving the Joint Undertaking and all associated undertakings of the Parties to this Agreement, which are otherwise authorised by the terms of this Agreement, shall not be affected by the relationship between them and such affiliated undertakings or by the authorisation of such transactions, agreements or payments. 6.7 Except as otherwise provided in this Agreement, the salaries and expenses of each representative on the Committee shall be borne by the party designated to represent the representative and shall not constitute costs to the joint venture. 5.1 Unless otherwise provided in sections 6.0 and 9.0, the parties` shares in any gross margins and their respective shares of losses and/or liabilities resulting from the submission of a joint bid and/or the performance of the construction contract, as well as their shares in all property and equipment acquired and all funds received in connection with the performance of the construction contract are as follows: 3. Even if one partner transfers his shareholding to another, the transferee shall not become a joint venture with the other undertakings in the joint venture unless all the other partner undertakings agree. This is in contradiction with the principle of delectus personarum. (4) As a general rule, members acting on behalf of partner undertakings are representatives of those undertakings which are able to retain the joint venture. .