Webinar Hukumonline 2021 - Strategi Hukum Dalam Keterampilan Merancang Kontrak JVA - 25 Januari 2021 (1722611.1)

SSEK INDONESIAN LEGAL CONSULTANTS
STRATEGI HUKUM DALAM KETERAMPILAN

MERANCANG KONTRAK JVA
(JOINT VENTURE AGREEMENT)
Dewi Savitri Reni Aldilla Stephanie Suwana

Pengertian Joint Venture
Joint Venture sering disebut

sebagai Usaha Patungan.
Dalam konteks hukum Indonesia, JV merupakan usaha patungan dari
dua pemegang saham apabila para pemegang saham tersebut tidak
memiliki hubungan afiliasi.
Mengingat dalam JV, para pemegang saham tersebut tidak memiliki

hubungan afiliasi, maka mereka akan mengatur dalam suatu
Perjanjian JV mengenai hak-hak dan kewajiban-kewajiban mereka
terkait PT tersebut dengan tujuan menghindari perselisihan di antara
keduanya.
1 SSEK Indonesian Legal Consultants

Pengertian Joint Venture
Biasanya Joint Venture dikonotasikan sebagai kegiatan menanam

modal yang dilakukan oleh penanam modal dalam negeri dan
penanam modal asing melalui suatu PT PMA di Indonesia.
Tetapi sebenarnya Joint Venture dapat berbentuk penanaman modal

asing ataupun penanaman modal dalam negeri.
2
SSEK Indonesian Legal Consultants
4 Dokumen Penting
terkait Usaha 1. SHARE PURCHASE AGREEMENT
(Perjanjian Jual Beli Saham / SPA)
Patungan
2. SHARE SUBSCRIPTION AGREEMENT
(Perjanjian Pengambilan Saham / SSA)
3. SHAREHOLDERS AGREEMENT
(Perjanjian Pemegang Saham / SHA)
4. JOINT VENTURE AGREEMENT

(Perjanjian Usaha Patungan / JVA)

Shareholders Agreement /
SHA
• PERJANJIAN YANG BERISI HAK-HAK DAN
KEWAJIBAN DARI PARA PEMEGANG
SAHAM DI SUATU PERUSAHAAN DAN
MENGATUR HUBUNGAN DIANTARA
MEREKA EFEKTIF SETELAH PERUSAHAAN
DIDIRIKAN
• PASAL YANG PENTING DALAM SHA
BIASANYA:
• Cara agar salah satu pemegang saham dapat keluar dari
Perusahaan (exit)
• Prosedur pengalihan saham
• Cara menyelesaikan perselisihan di antara para pemegang
saham
• Cara mengoperasikan perusahaan sehari-hari dan hak-hak
dari masing pemegang saham SSEK Indonesian Legal Consultants
• Kewajiban setiap pemegang saham

Joint Venture Agreement /
JVA
• Perjanjian yang berisi hak-hak dan kewajiban dari para pemegang
saham di suatu perusahaan dan mengatur hubungan diantara
mereka sebelum perusahaan didirikan.
• Pasal yang penting dalam JVA biasanya :
• Prosedur pendirian perusahaan

• Cara agar salah satu pemegang saham dapat keluar dari
Perusahaan (exit)
• Prosedur pengalihan saham
• Cara menyelesaikan perselisihan di antara para pemegang
saham
• Cara mengoperasikan perusahaan sehari-hari dan hak-hak dari
masing pemegang saham
• Kewajiban setiap pemegang saham

Share Purchase
Agreement / SPA
• Perjanjian pembelian saham langsung dari pemegang sahamnya.
• Pasal yang penting dalam SPA biasanya:

• Deskripsi penjualan saham
(jumlah saham, nama penjual dan pembeli, harga pembelian)
• Persyaratan pendahuluan
• Pernyataan dan Jaminan
• Ganti rugi/tanggung jawab
• Pihak dalam SPA:
• Penjual
• Pembeli
• Perusahaan target

PERTANYAAN 3
Untuk pertanyaan 3, silakan perhatikan skenario berikut:
PT IJKL merupakan suatu Joint Venture Company yang didirikan oleh dua perusahaan, PT IJ [“IJ”] dan PT KL [“KL”]. PT IJKL akan
menerbitkan saham baru supaya suatu perusahaan ketiga, PT MNO, dapat bergabung dengan usaha joint venture tersebut.
Di dalam Perjanjian Investasi di mana PT MNO sebagai Subscriber akan membeli saham baru tersebut, terdapat klausul berikut:
CLAUSE X
REPRESENTATIONS AND WARRANTIES
Subject to the limitations and qualifications set out in this Agreement and except as Disclosed, each of the
Existing Shareholders severally, and not jointly and severally, represents and warrants to the Subscriber
that each representation and warranty set out in this Agreement is true, accurate, complete and not
misleading in any material respect.
3
Share Subscription
Agreement / SSA
• Investor langsung mengambil bagian atas saham baru yang

diterbitkan oleh Perusahaan.
• SSA mirip dengan SPA. Perbedaannya kalau SPA membeli
langsung dari Pemegang Saham lama sehingga uangnya
didapatkan oleh pemilik lama kalau SSA mengambil bagian
saham langsung di perusahaan target sehingga uangnya akan
masuk ke Perusahaan.
• Pihak dalam SSA:
• Investor
• Perusahaan target

4
HAL-HAL YANG PERLU DIKETAHUI
SEBELUM MERANCANG JVA
A. HAL-HAL TERKAIT PERUSAHAAN
PERSENTASE HARUSKAH
PIHAK DAN ALAMAT
KEPEMILIKAN ASING NAMA TERDAFTAR MASING- PERUSAHAAN
YANG KANTOR TERDAFTAR
PERUSAHAAN MASING PIHAK PATUNGAN
DIPERBOLEHKAN PERUSAHAAN
PATUNGAN DALAM JVA SERTA TERSEBUT MENJADI
BERDASARKAN PATUNGAN
PENANDATANGAN
DAFTAR NEGATIF PIHAK DALAM JVA?
BERWENANG
INVESTASI (TIDAK WAJIB)
1 2 3 4 5

Hal-hal Yang Perlu Diketahui Sebelum Merancang JVA
B. Struktur Modal
MODAL DASAR PRESENTASE KLASIFIKASI SETORAN PEMBATASAN

SAHAM SAHAM MODAL MODAL
Jumlah modal dasar, Persentase saham masing- Klasifikasi saham: saham Cara setoran modal: tunai Pembatasan terhadap
modal disetor dan masing pemegang saham: biasa v. saham dengan atau dalam bentuk lain peningkatan modal di
ditempatkan Perusahaan apakah terdapat hak khusus Perusahaan
Patungan pembatasan saham asing

HAL-HAL YANG PERLU DIKETAHUI SEBELUM
MERANCANG JVA
C. BISNIS PERUSAHAAN PATUNGAN
PERJANJIAN
MAKSUD PERSETUJUAN
Perjanjian-perjanjian
DAN
yang diperlukan agar
TUJUAN Persetujuan dan izin perusahaan patungan
yang diperlukan agar dapat menjalankan
Maksud dan Tujuan dari perusahaan patungan bisnisnya di Indonesia
perusahaan patungan dapat menjalankan
bisnisnya di Indonesia

HAL-HAL YANG PERLU DIKETAHUI SEBELUM
MERANCANG JVA
D. PEMBIAYAAN PERUSAHAAN PATUNGAN
Pembiayaan perusahaan dengan Apabila pembiayaan dengan

right issue atau utang kepada berhutang pada pihak ke-3,
pihak ke-3 apakah akan ada jaminan yang
diberikan
Penyetoran modal saham dalam Siapa yang akan bertanggung

bentuk uang atau dalam bentuk jawab untuk pembiayaan ke
lainnya yang dapat dinilai oleh depannya
KJPP atau berdasarkan harga
pasar SSEK Indonesian Legal Consultants
Hal-hal Yang Perlu Diketahui Sebelum
Merancang JVA
E. Manajemen Perusahaan Patungan
1 2 3 4 5
Berapa jumlah anggota Prosedur Direktur mana yang Kuorum untuk Rapat Berapa lama masa
Direksi dan Dewan pengangkatan / berhak untuk mewakili Direksi dan bagaimana jabatan anggota Direksi
Komisaris dan siapa pemberhentian anggota Perusahaan ke dalam cara memutuskan dan Dewan Komisaris
yang berhak menunjuk / Direksi dan Dewan dan ke luar Perusahaan sesuai dalam Rapat
mencalonkan? Komisaris dan yang bertanggung Direksi
jawab untuk manajemen
sehari-hari Perusahaan SSEK Indonesian Legal Consultants
Contoh Perjanjian
(Board of Directors)
Perhatikan kewenangan Direktur Utama.
(a) Apakah kewenangan terlalu besar, cukup atau
kurang? Mengapa?
(b) Pihak mana (ABC, DEF, keduanya, atau tidak
keduanya) yang diuntungkan dengan ketentuan
tersebut? SSEK Indonesian Legal Consultants
CONTOH KASUS: PERHATIKANLAH PASAL BERIKUT INI DALAM SUATU JVA

Article 14 – Board of Directors
14.1 The Board of Directors of the Joint Venture Company shall consist of 5 members. ABC shall designate
3 directors while DEF shall designate 2 directors to the Board of Directors, all of whom shall be appointed
by the GMS. The President Director (also as authorized representative of the Joint Venture Company) shall
be a director designated by DEF while the Managing Director shall be a director designated by ABC. In the
event that the President Director could not or for some reasons did not perform his/her duties, the
Managing Director designated by ABC shall act on his/her behalf. The President Director, acting alone, has
the authority to enter into contracts or otherwise bind the Company in a contract or series of related
contracts up to US$[●] or its equivalent in any other currency. Any commitment or expenditure above US$
[●] or its equivalent in any other currency must be approved by 2 Directors, one of whom was appointed by
ABC and the other of whom was appointed by DEF.
14.2 The tenure of a director shall be one year but either party may replace any director designated by it
from time to time. Upon expiry of the tenure, a director may continue to hold office if he is so designated by
the same party who originally designated him to become a director. If there is a vacancy in the Board of
Directors due to reasons such as resignation, dismissal, incapacitation or death of a director, the party who
designated that director shall designate a successor to take up the remaining tenure of that director.

Article 16 - Rules of Procedure of Meetings of the Board of Directors
16.1 The first meeting of the Board of Directors shall be held within 30 calendar days from the MOLHR’s
approval of Date of Establishment. Board meetings shall be convened and presided over by the President
Director. The President Director shall give at least 15 calendar days notice of a proposed board meeting to
each director. Such notice shall be in writing and shall contain the time, place and agenda of the proposed
meeting. During the aforesaid first meeting, the Board of Directors will ratify the execution of this
Agreement.
16.2 A board meeting of the Board of Directors shall only proceed if attended by more than 2/3 of the Board
of Directors. A resolution at a board meeting shall be passed by more than 1/2 of the directors in
attendance voting in favor. The President Director shall not be entitled to a casting vote. Minutes of such
meeting shall be prepared in both English and Chinese, each of which shall be signed by the directors in
attendance.

Article 16 - Rules of Procedure of Meetings of the Board of Directors
16.3 In the event a board meeting does not meet the quorum requirement set out in Article 16.2, an
adjourned meeting shall be convened in accordance with Article 16.1 to proceed with the business
specified on the agenda for the original meeting. The adjourned meeting shall proceed if attended by more
than 1/3 of the Board of Directors, and resolutions in the adjourned meeting shall be passed by more than
1/2 of the directors in attendance. Minutes of such meeting shall be prepared in both English and Chinese,
each of which shall be signed by the directors in attendance.
16.4 Anything which may be done by a resolution of the Board of Directors may, without a meeting and
without any previous notice being required, be done by resolution in writing in English signed by all
directors of the Joint Venture Company.
KUORUM RAPAT UMUM
1 PEMEGANG SAHAM
Hal-hal Yang Perlu

Diketahui Sebelum PROSEDUR PEMANGGILAN
RAPAT UMUM PEMEGANG
Merancang JVA 2 SAHAM/DAPAT DENGAN CARA
KEPUTUSAN SIRKULER
F. Rapat Umum Pemegang Saham
SIAPA YANG BERHAK MEWAKILI

3 PEMEGANG SAHAM DALAM RUPS

BAGAIMANA CARA PEMBAYARAN
DIVIDEN DAN SIAPA PEMEGANG
SAHAM YANG BERHAK 1
MENDAPATKAN DIVIDEN?
Hal-hal Yang Perlu

APAKAH INTERIM DIVIDEN
2 Diketahui Sebelum
DIPERBOLEHKAN?
Merancang JVA
G. Dividen
APAKAH ADA PENGATURAN

KHUSUS MENGENAI DIVIDEN?
CONTOHNYA MINIMUM/MAKSIMUM
PEMBAGIAN KEUNTUNGAN.
3
Contoh Perjanjian
(Dividend Policy)
Perhatikan klausul pembagian dividen


Article 7.6 – Dividend Policy
a)Provided that the distribution of dividends cannot be approved until all mandatory funds of the Company,
to the extent required by applicable law, have been satisfied, such dividends will be proposed by the
Board of Directors and approved by the Class A Shareholders in accordance with the Articles of
Association and this Agreement.
b)Notwithstanding the foregoing,

i. the amount of dividends to be distributed to the Shareholders shall not exceed the equivalent of the
amount of net profit reported in the same reporting period plus the retained earnings relative to net
profits reported in the previous reporting periods not yet distributed;
ii. The Shareholders cannot approve infra-annual profit distributions, i.e. profit distributions (other than
profit distributions from undistributed dividends arising in previous years) arising from a financial year
not yet come to conclusion and not yet audited; and
iii. Dividends shall not be approved and distributed before any Shareholder and Affiliates’ loan, including
without limitation, any Loan to finance the acquisition and the maintenance of Vessel(s), have been
fully reimbursed by the Company.

Article 7.6 – Dividend Policy
a)Notwithstanding any other provision in this Agreement and subject to Article 7.6(1), the Shareholders
may, approve a dividend (including disproportionate dividends) out of retained earnings to the extent
the Shareholders determine it is in the best interests of the Company; provided that such dividends are
proposed by the Board of Directors and approved by the Shareholders and such dividends are allowed
by Applicable Law.
Contoh Perjanjian
(Dividend Policy)
Perhatikan klausul pembagian dividen (detil
pembagian)

Dividends shall be distributed by the Company based on the following calculation:

i. Class A Common Shares Shareholders shall be entitled of dividends proportionally to their
respective percentages of Class A Common Shares, after payment of dividends to the Class B
Preferred Shares in accordance with sub-paragraph (ii) below; and
ii. Class B Preferred Shares Shareholders shall have priority to be paid annually the first US$
[insert] ([insert] United States Dollars) of dividends (the “Priority Dividends”), and equal rights
with other Class A Common Shares to annual dividends of more than US$ [insert] ([insert]
United States Dollars) proportionally to their respective percentages of Class B Preferred
Shares. The right of the Class B Preferred Shares shall be cumulative such that if the full
amount of the Priority Dividends are not paid with respect to a calendar year, such unpaid
amount shall be payable the next calendar year; and so on, until the payment of dividends to
the Class B Preferred Shareholder is current.
Hal-hal Yang Perlu Diketahui Sebelum Merancang JVA
H. Pengalihan Hak atas Saham
1 3
Apakah saham di Perusahaan Patungan Bagaimana penilaian saham yang

dapat dialihkan secara bebas atau Right ditawarkan ke pemegang saham lain,
of First Refusal berlaku? berdasarkan nilai buku atau nilai wajar?
2 4
Dapatkan mengalihkan saham secara Apabila saham dialihkan ke pihak ke-3,

bebas kepada afiliasi perusahaan tanpa apakah nama Perusahaan Patungan
meminta izin kepada pemegang saham harus diganti?
lainnya?
5

PERTANYAAN 5
Suatu Perjanjian Pengambilan Saham memuat ketentuan sebagai berikut:
“Kecuali diatur secara lain dalam Perjanjian ini dan Anggaran Dasar, tidak ada satu pun
Pihak yang dapat menjual, mengalihkan, memindahtangankan, menggadaikan atau
membebankan Sahamnya dalam Perseroan tanpa persetujuan tertulis terlebih dahulu dari
Pemegang Saham yang lain”
5
HAL-HAL YANG PERLU DIKETAHUI
SEBELUM MERANCANG JVA
I. Jangka Waktu dan Pengakhiran
APAKAH PERLU JANGKA WAKTU UNTUK JVA ATAU BERLAKU

SETERUSNYA KECUALI KETIKA BERGANTI PEMEGANG SAHAM?
ATAU PEMEGANG SAHAM BARU DAPAT MENANDATANGANI
AKTA AKSESI?
BILA PERUSAHAAN PATUNGAN TERLIKUIDASI, BAGAIMANAKAH

PEMBAGIAN ASET?
CARA MENGATASI DEADLOCK (BUYBACK, JUAL BELI SAHAM

DENGAN MENUNJUK KJPP UNTUK HASIL VALUASI, DSB.)
CONTOH KETENTUAN UNTUK
MENGATASI DEADLOCK
• HAK SUARA PRESDIR / DIREKTUR
“Unless otherwise expressly set forth herein, in the event the Members are unable to reach agreement
on or make a decision with respect to any matter on which the Members are entitled to vote, then one
tie-breaking vote shall be granted to the President Director of the Company.”
• NEGOSIASI
“ All Deadlock Matters will be escalated to the chief executive officer or president director of each
Shareholder to be negotiated in good faith in an effort to reach a joint decision on the Deadlock
Matters within 10 (ten) Business Days from the date of the Deadlock Notice.”
• HAK UNTUK DI BUY-OUT

“In the event that the Parties reached a deadlock with respect to any of the Reserved Matters, the
Party wishing to leave or take over the company (the “Offering Party”) shall initiate the Deadlock
procedure by making an offer, either to sell all their shares to, or to purchase all shares from, the other
Party (the “Receiving Party”) for a specific price. The Receiving Party shall then be free to decide
whether to purchase all the shares at the price offered, or to sell all its shares to the Offering Party.
Failure of the Receiving Party to communicate a decision within [x] months shall constitute acceptance
of the offer. “
Contoh Perjanjian
(Deadlock – Price based on
Valuation)

CONTOH KASUS: PERHATIKANLAH PASAL-PASAL BERIKUT INI DALAM SUATU JVA

CLAUSE 11 – EVENT OF DEADLOCK
11.1 If any Shareholders Reserved Matters cannot be passed at the second general meeting of
Shareholders because the requisite majority has not voted in favor of the matter(s)], any Shareholder
may, by giving a written notice to the other Shareholders ("Deadlock Notice"), declare the matter
deadlocked ("Deadlock Matter").
11.2 All Deadlock Matters will be escalated to the chief executive officer or president director of each
Shareholder to be negotiated in good faith in an effort to reach a joint decision on the Deadlock Matters
within 10 (ten) Business Days from the date of the Deadlock Notice ("Negotiation Period").
11.3 If a joint decision on the Deadlock Matter is reached under Clause 11.2, the Company shall be
notified in writing of the joint decision and the Company shall convene a BoD meeting, a BoC meeting,
and/or a general meeting of the Shareholders, as relevant, in order for the BoD, BoC and/or the
Shareholders to vote on and implement the joint decision. The Shareholders shall procure that their
respective nominated Directors or Commissioners (as relevant) shall vote in favour of any resolution to
implement such a joint decision.
11.4 If a joint decision for a Deadlock Matter referred to in Clause 11.2 cannot be reached, any
Shareholder shall be entitled to send to the other Shareholders a written notice requesting to have a
discussion on the joint nomination of a Valuation Expert to determine the Net Asset Value of the
Company ("Request Notice on Joint Nomination").
Contoh Perjanjian
(Deadlock – Price based on
Valuation – Detail)


17.1 A Deadlock Matter: If a Party believes a matter requires agreement among the Parties under this
Agreement or the Company’s Articles of Association, and the Parties have been unable to agree
concerning such matter, such that a deadlock exists between the Parties, such Party shall so notify the
other Party and the Board of Directors, stipulating the nature of the matter and giving reasonable
particulars thereof (a “Deadlock Notice”). Within 3 (three) Business Days of the delivery of such
Deadlock Notice, the Board of Directors shall refer the matter for resolution to representatives appointed
by each Class A Shareholder (each, a “Deadlock Representative”). Each Class A Shareholder shall
procure that its Deadlock Representative shall negotiate in good faith with a view of resolving the matter,
taking into account the nature and the particulars of such matter. Upon the resolution of the matter by the
Deadlock Representatives in accordance with this Article 17.2, the Board of Directors shall be bound to
give effect to the agreement reached between the Deadlock Representatives in respect of such matter.
17.2 Waiver of Use of Deadlock Representatives: The Parties may waive the requirement of having
Deadlock Representatives negotiate in good faith with a view of resolving the matter under Article 17.2,
upon written agreement waiving such requirement by the Parties.

17.3 Appointment of Professional Valuer: If the matter is not resolved by agreement between the
Deadlock Representatives pursuant to Article 17.2 within [●] Business Days after the date of the Board of
Directors’ referral of such matter (a “Deadlock Matter”) to the Deadlock Representatives or after the date
of the written agreement waiving the requirement of the Deadlock Representatives’ negotiation under
Article 17.2, the Parties shall attempt to jointly agree on the joint appointment of an independent
professional valuer to determine the fair market value of the Company as at the date of the month prior to
such valuation. The Parties shall bear jointly the expenses of such valuation. If the Parties are unable to
agree on a jointly appointed professional valuer within 5 (five) Business Days, then each Shareholder
shall, at its own expense, immediately and in no event later than 5 (five) additional Business Days
appoint an independent professional valuer from amongst the Big Four Accounting Firms (but which
independent professional valuer shall not also be the independent auditor of the Company) (each, a
“Deadlock Appointed Valuer”) for the purpose of determining the fair market value of the Company as at
the date of their appointment. Each Deadlock Appointed Valuer shall deliver to the Company and each of
the Parties its Assessed Fair Market Value within 30 (thirty) Business Days (the “Assessed Fair Market
Value”) of the Company. The delivery of each Assessed Fair Market Value shall be made concurrently in
a meeting of the Parties.

17.4 Offer to Sell or Buy Shares: Within 30 (thirty) days of the disclosure of the Assessed Fair Market
Value to the Parties, either Class A Shareholder (the “Initiating Shareholder”) may serve a written notice
(the “Initiating Shareholder’s Offer”) to the other Class A Shareholder (the “Receiving Shareholder”)
(the “Purchase Notice”) offering to purchase all (and not some only) of the Class A, Shares and the
Class B Shares of such Receiving Shareholder or to sell all (and not some only) of the Class A Shares
and the Class B Shares of such Initiating Shareholder. In either the case, the sale price shall be the
average of the Fair Market Assessed value (the “Average Fair Market Assessed Value”) determined by
the two Deadlock Appointed Valuers.
17.5 Acceptance of Offer to Sell or Buy Shares: Within [●] days of the receipt of the Initiating
Shareholder’s Offer, the Receiving Shareholder shall provide a written response to the Initiating
Shareholder’s offer to either sell its Shares to the Initiating Shareholder or buy the Initiating Shareholder’s
Shares at the Average Fair Market Assessed Value.

17.6 Concurrent Offers: If each of the Shareholders initiates an offer to sell or purchase, the first such
offer to be delivered shall prevail. If the Receiving Shareholder does not respond within 30 (thirty) days of
receiving the Initiating Shareholder’s Offer, the Initiating Shareholder shall have the option to buy the
Receiving Shareholder’s Shares or sell the Initiating Shareholder’s Shares to the Receiving Shareholder,
and the Receiving Shareholder shall be deemed to have accepted the Initiating Shareholder’s offer to sell
or buy, as the case may be. Such sale shall be completed in cash within 30 (thirty) days.
17.7 Failure to Purchase: In the event that the Receiving Shareholder fails to purchase the Initiating
Shareholder’s Shares in accordance with Article 17.8 within 30 (thirty) days, the failure to do so shall
constitute a Dispute under Article 14 and the Receiving Shareholder shall be liable for the Initiating
Shareholder’s costs and expenses of arbitration, damages and interest.

17.8 The sale of Shares in accordance with this Article shall be made under the following terms:
Completion of the sale and purchase of the relevant Shares (the “Deadlock Completion” and such Shares,
the “Deadlock Shares”) shall take place at the registered office for the time being of the Company (or such
other place as the Class A Shareholder who owns the Deadlock Shares (“Deadlock Transferor”) and the
other Class A Shareholder (“Deadlock Transferee”) may agree in writing) on the date (i) falling 30 days
from the date of the acceptance of the Purchase Notice or (ii) falling 60 days from the date the prevailing
Final Notice pursuant to Article 17.7.(b) is served. On the Deadlock Completion:
(a)the Deadlock Transferor shall deliver to the Deadlock Transferee a duly executed transfer form in
favour of the Deadlock Transferee together with the share certificate(s) in respect of its Deadlock Shares;
and
(b)the Deadlock Transferee shall pay the purchase price for the Deadlock Shares.
17.9 In the event that the Deadlock Transferor fails to transfer its Deadlock Shares to the Deadlock
Transferee on the Deadlock Completion in accordance with Article 17.8, any director of the Deadlock
Transferee shall be deemed to have been appointed attorney of the Deadlock Transferor with full power to
execute, complete and deliver, in the name and on behalf of the Deadlock Transferor, transfer form(s) in
respect of the Deadlock Shares to the Deadlock Transferee against payment of the purchase price for
such Deadlock Shares to the Company.
(a)With regards to payment of the purchase price to the Company, the Deadlock Transferee shall be
deemed to have obtained a good quittance for such payment and on execution and delivery of the
transfer form(s) in respect of such Deadlock Shares, the Deadlock Transferee shall be entitled to insist
upon its name and/or the name of any other parties designated by it being entered in the register of
shareholders of the Company as the holder of such Deadlock Shares.
(b)The Deadlock Transferee shall procure that the Company shall forthwith pay the purchase price into a
separate bank account in the Company’s name and shall hold such price in trust for the Deadlock
Transferor. The right of the director of Deadlock Transferee to be assumed as the appointed attorney of
the Deadlock Transferor pursuant to this Article 17.9 is granted through a properly executed Special
Power of Attorney executed by each of the shareholders simultaneously with the execution of this
Agreement.
6
Hal-hal Yang Perlu
Diketahui Sebelum
Merancang JVA
J. HUKUM YANG BERLAKU DAN
PENYELESAIAN SENGKETA
• Hukum yang Berlaku
• Forum Penyelesaian Sengketa

Contoh Perjanjian
(Governing Law)
Perhatikan bahwa Para Pihak didirikan dan tunduk
dengan hukum negara sebagai berikut:
 ABC: New York
 DEF: Indonesia
Article 15 - Governing Law

This Agreement, including but not limited to any dispute or claim arising out of or in connection with this
Agreement or its subject matter or its formation (including but not limited to any claims or disputes that may
be framed as non-contractual) shall be governed by and construed in accordance with the laws of
Singapore.
The Parties have agreed that Singapore law is the appropriate choice of law to govern this Agreement for
two reasons, first because both Parties have agreed that the governing law of this Agreement should not
be the law of the domicile of either of them, which for ABC is the State of New York, United States of
America, and for DEF is the Republic of Indonesia, but that of a neutral country, and second, that the
governing law should also have a connection, or nexus, with at least one of the Parties. In that regard, the
Parties have determined that Singapore is such a neutral country because neither Party is domiciled there
and Singapore has a nexus to the Parties because ABC's regional headquarters are located in Singapore.
Accordingly, the Parties have agreed that the choice of Singapore law as the governing law of this
Agreement is the appropriate choice of governing law and constitutes a material inducement to each of
them to enter into this Agreement and that neither of them shall challenge the choice of Singapore law as
the governing law of this Agreement in any arbitration or other legal proceeding.
Hal-hal Yang Perlu Diketahui • Perlunya Pasal Kerahasiaan untuk mencegah satu pihak
menggunakan informasi yang dimilikinya ke pihak ke-3
Sebelum Merancang JVA • Keberlakuan Pasal Kerahasiaan apabila JVA diakhiri
• Apakah hak-hak dan kewajiban-kewajiban dalam JVA dapat
dialihkan ke pihak dalam JVA atau pihak ke-3 lainnya
K. HAL-HAL LAIN • Put / Call Option (lengkap dengan cara menentukan harga)
• Non – Competition
• Reserved Matters
• Drag/Tag Along
• Intellectual Property (diperlukan bilamana industri/manufaktur)
Put/Call Option
CALL OPTION:
• Disebut juga sebagai opsi beli dimana pemegang
saham memiliki hak untuk membeli saham dari
pemegang saham lainnya .
• Contoh Pasal:
“Dalam waktu [●] sejak Perjanjian ini ditandatangani, [●] memiliki hak
untuk membeli [●] saham dalam Perusahaan yang pada saat
Perjanjian ini ditandatangani dimiliki oleh [●] dengan harga sebesar [●]
untuk setiap lembar saham tersebut (“Opsi Membeli Saham”).
PUT OPTION:
• Disebut juga sebagai opsi jual dimana pemegang
saham memiliki hak untuk menjual sahamnya kepada
pemegang saham lainnya.
• Contoh Pasal:
“Dalam waktu [●] sejak Perjanjian ini ditandatangani, [●] memiliki hak
untuk menjual [●] sahamnya dalam Perusahaan kepada [●] dengan
harga sebesar [●] untuk setiap lembar saham tersebut (“Opsi Menjual
7 Saham”).
PERTANYAAN 7
Suatu Shareholders’ Agreement (Perjanjian Pemegang Saham) memuat ketentuan sebagai berikut:
“Dalam waktu [●] sejak Perjanjian ini ditandatangani, [●] memiliki hak untuk
membeli [●] saham dalam Perusahaan yang pada saat Perjanjian ini ditandatangani
dimiliki oleh [●] dengan harga sebesar [●] untuk setiap lembar saham tersebut.”
7
Non - • PASAL INI MELARANG PARA PEMEGANG SAHAM
UNTUK TERLIBAT ATAU MELAKUKAN SUATU
KEGIATAN USAHA YANG MERUPAKAN SUATU
Competition
KEGIATAN USAHA YANG BERSAING DENGAN
KEGIATAN USAHA PERUSAHAAN.
• PASAL INI DIMAKSUDKAN UNTUK MELINDUNGI
PARA PEMEGANG SAHAM DARI PEMEGANG
SAHAM LAINNYA YANG UNTUK MANFAAT
PRIBADINYA MENGGUNAKAN INFORMASI ATAU
PENGETAHUAN YANG DIMILIKINYA ATAS
PERUSAHAAN UNTUK TERLIBAT DALAM SUATU
USAHA SAINGAN PERUSAHAAN.
• DALAM PRAKTEKNYA PASAL INI JUGA AKAN
BERLAKU DALAM PERIODE TERTENTU SETELAH
PEMEGANG SAHAM TERKAIT TIDAK LAGI MENJADI
PEMEGANG SAHAM PERUSAHAAN.

Contoh Perjanjian (Non-
Compete and Non-
Solicitation)
Perhatikan bahwa klausul ini berlaku untuk Para
Pemegang Saham


Non-Compete and Non-Solicitation: Each Party undertakes to the other Party that throughout the term
of this Agreement and for a period of [two (2)] years after expiration hereof (or [three (3)] years if this
Agreement is terminated under Article 12.1), that it shall not (and shall procure that its Affiliates shall not)
do any of the following without first obtaining the written consent of the other Party:
(a)directly or indirectly engage, be concerned with or interested in a business within Indonesia which is
similar to or competes with the then current or proposed business of the Company as stipulated under
Article 2.4;
(b)deal with any Person who has been a customer or client of the Company in any manner which
competes with the business as stipulated under Article 2.4 or persuade any customer of the Company to
cease doing business with the Company or reduce the amount of business which the customer would
normally do in respect of the business of the Company;
(c) solicit the customers of the Company; and
(d)employ or entice away any employee of the Company.

Contoh Perjanjian (Non-
Compete and Non-
Solicitation)
Perhatikan bahwa klausul ini berlaku untuk Direksi dan
Komisaris

BOD
Non-Compete: All members of the Board of Directors, shall enter into a non-compete agreement with the
Company pursuant to which each Director shall covenant and agree that, during the term of the Director’s
appointment and for [●] months following the end of the term, such Director will not engage, directly or
indirectly, consult with, participate in, hold a position as shareholder, director, officer, consultant,
employee, partner or investor, or otherwise assist any business entity with a line of business the same or
similar as the line of business as the Company.
BOC
Non-Compete: All members of the Board of Commissioners, shall enter into a non-compete agreement
with the Company. Pursuant to which each Commissioner shall covenant and agree that, during the term
of the Commissioner’s appointment and for [●] months following the end of the term, such Commissioner
will not engage, directly or indirectly, consult with, participate in, hold a position as shareholder, director,
officer, consultant, employee, partner or investor, or otherwise assist any business entity with a line of
business the same or similar as the line of business with the Company.
8
• PASAL YANG MENGATUR DIMANA DALAM
Reserved MENGAMBIL MELAKUKAN SUATU KEGIATAN
TERTENTU, DIREKSI HARUS MENDAPATKAN
PERSETUJUAN DARI PEMEGANG SAHAM YANG
Matters MEMILIKI HAK SUARA MAYORITAS, SEPERTI 100%
PEMEGANG SAHAM DENGAN HAK SUARA.
• HAL-HAL YANG BIASANYA TERMASUK KE DALAM

RESERVED MATTERS ADALAH SEPERTI
PERUBAHAN MODAL, PERUBAHAN ANGGARAN
DASAR PERUSAHAAN ATAU PERSETUJUAN
RENCANA KERJA PERUSAHAAN ATAU HAL–HAL
LAINNYA YANG DIANGGAP LAINNYA YANG
DISEPAKATI OLEH PARA PEMEGANG SAHAM.

Contoh Perjanjian
(Shareholders Reserved
Matter)

5.2 Shareholders Reserved Matters

5.2.1 Subject to any additional requirements specified by the Applicable Laws and Requirements and/or
the other provisions of this Agreement, the Shareholders hereby undertake to and with each other that
none of the Shareholders Reserved Matters set out in Schedule 5 shall be taken by the Company unless
with written approval of the 100% holders of the shareholding voting interest of the Company.
SCHEDULE 5: SHAREHOLDERS RESERVED MATTERS

Subject to Applicable Laws and Requirements, decisions with respect to the following matters shall
require the approval of the 100% holders of the shareholding voting interest of the Company:
 any legal action to transfer, sell, assign, mortgage or grant security rights, pledge, or encumber all or a
substantial part of the Company’s assets with a value of more than [20% (twenty percent)] of the
total net assets of the Company in one financial year, either in one transaction or a series of separate
or inter-related transactions;
 any decision relating to any plan related to an IPO of the Company;
 a decision with respect to (A) amendments to the Articles of Association including any increase or
decrease in any of the authorized, issued or paid-up share capital of the Company, (B) mergers,
consolidations, acquisitions and de-mergers involving the Company, and (C) dissolution and liquidation
of the Company;
 incorporation of a new business or participation in any way in any other company, either domestic or
foreign;
 any material change in the Company’s Business or a cessation of all or a material part of the
Company's Business;
 determining the honoraria to be paid to the Commissioners and the compensation to be paid to the
Directors;
 appropriation of profits and distribution of dividends;
 the release of any rights in respect of the sale, in whole or partially, of any Shares or other equity or
participation interest owned by the Company in any other business entity, regardless of form;
 any business acquisition, divestiture, joint venture, partnership or other arrangement similar to any of
the foregoing or the acquisition of all or substantially all of the assets of any other entity;
 adoption of, or any significant changes in the accounting policies of the Company, approval of the
audited financial statements of the Company and approval or removal of the Company’s external
auditors;
 establishment of a credit line for the borrowing of the Company;
 approval of the annual budget and any changes thereto;

 any change in the number of Commissioners and Directors of the Company;
 appointment of the Board of Directors and Board of Commissioners;
 any reduction in the Company’s share capital (including any share buy-back proposal).
 any change of the number of shares allocation for the employee share option plan; and
 settle or alter the terms of any employee share option or share incentive scheme for the employee
share ownership plan
Drag Along Tag A TAG ALONG RIGHT:
• Hak yang dimiliki oleh pemegang saham untuk ikut
Along menjual sahamnya bersamaan dengan dijualnya

saham pemegang saham mayoritas kepada pihak
ketiga dalam waktu dan harga per saham yang sama.
• Biasanya hak ini dimiliki oleh pemegang saham
minoritas.
A DRAG ALONG RIGHT:

• Hak yang dimiliki oleh pemegang saham untuk
mengharuskan pemegang saham lainnya untuk
menjual saham milik mereka dalam waktu dan harga
per saham yang sama dalam hal terdapat suatu pihak
ketiga yang bermaksud untuk membeli seluruh saham
perusahaan.
• Biasanya hak ini dimiliki oleh pemegang saham
mayoritas.
Contoh Perjanjian
(Tag-Along Rights)
Perhatikan apakah klausul berikut

melindungi hak pemegang saham
minoritas
PERTANYAAN 9 - 10
9 & 10
Untuk pertanyaan 9-10, silakan perhatikan skenario berikut:
PT PQRST merupakan suatu joint venture yang direncanakan oleh 2 PT, yaitu PT PQ [“PQ”] dan PT RST [“RST”]. Telah disetujui bahwa
PQ akan memiliki saham mayoritas, yakni 95% saham dalam PT PQRST. Dalam rancangan shareholders agreement PT PQRST terdapat
klausul berikut ini:
CLAUSE X
TAG-ALONG RIGHTS
Y.1 Any proposed transfer by a Transferor or Transferors, shall be subject to a proportional tag along
right in favour of the other Shareholders (the Beneficiaries) pursuant to which each Transferee shall have
the right, but not the obligation, to also purchase, in addition to the Shares comprising the Transferor's
proposed transfer, such proportional number of the Beneficiary's Shares subject to request by the
Beneficiary of the same.


8.2 Co-sale (Tag-Along) Rights
8.2.1 Except where the drag-along rights under Clause 8.3 below are applicable, and provided that the
pre-emption rights in Clause 8.1 above have been validly exhausted, any proposed transfer by a
Transferor or Transferors, shall be subject to a proportional tag along right in favour of the other
Shareholders (the Beneficiaries) pursuant to which each Beneficiary shall have the right, but not the
obligation, to require the transferee (the Transferee) to also purchase, in addition to the Shares
comprising the Transferor's proposed transfer, such number of the Beneficiary's Shares not exceeding the
limit calculated by applying the following formula at a price and on terms and conditions identical to those
applicable to the Transferor (hereinafter called the Proportional Tag Along Right):
N = T × (A/B)
where:
N = the maximum number of Shares that the Beneficiary(ies) shall be entitled to sell to the Transferee
pursuant to exercising the Proportional Tag Along Right pursuant to the provisions of this Clause 8.2.1
(the Tag Along Sale Shares);
T = the total number of Shares of the Transferor that the Transferor(s) proposes to transfer (the
Proposed Sale Shares);
A = the total number of Shares held by the Beneficiary(ies); and
B = the total number of Shares held by the Beneficiaries and Transferor(s) in aggregate.
Contoh Perjanjian
(Tag-Along Rights)
Bagaimana dengan klausul berikut

apakah melindungi hak pemegang
saham minoritas
10.5 Tag Along Rights
10.5.1 Except where the drag-along rights under Clause 10.6 below are applicable, when a transfer of
Shares (“Transferred Shares”) is permitted in accordance with this Agreement is proposed by any
Shareholder and (i) would result in a change of Control of the Company; or (ii) will result in the Shares
owned by ABC collectively falling below [30,000] Shares, the selling Shareholder shall procure that the
purchaser of the Transferred Shares makes an offer to acquire all Shares (such offer to acquire the
Shares of the non-selling Shareholders referred to as the “Tag Offer”). The Tag Offer shall be open for
acceptance, for a period of not less than 14 days.
10.5.2 The Shareholders shall be entitled (but not obliged) to accept the Tag Offer and, in the event that
a Shareholder (“Tagging Shareholder”) accepts the Tag Offer, the transferring Shareholder referred to
above shall not transfer or dispose of the Transferred Shares unless the third party purchaser referred to
above contemporaneously purchases, all of each Tagging Shareholders’ Shares, in each case, on terms
which are no less favorable and are subject to similar conditions applicable to the sale or disposal of the
Shares held by the selling Shareholders to such third party purchaser.
Contoh Perjanjian
(Drag-Along Rights)

10.6 Drag Along Rights

10.6.1 If at any time any Shareholder(s) holding in aggregate [ninety per cent (90%)] or more of the
Company’s total issued share capital (hereinafter referred to as the “Majority”), having completed the
procedures set out in Clauses 10.1, 10.2, and 10.3 above, wishes to sell at least [fifty per cent (50%)] of
the voting Shares in the Company to a bona fide third party purchaser (the “Offeror”) at a price per Shares
which is at least [2x] times the Shares nominal value, the Majority shall give written notice (a “Drag-Along
Notice”) to all other Shareholders (the “Drag-Along Shareholders”) informing them of such intention and
the terms and price of such sale and transfer, and that they require the Drag-Along Shareholders to also
sell all their voting Shares (the “Drag-Along Shares”) to the Offeror on the same terms and at the same
price as that applicable to the Shares of the Majority, provided that the Drag-Along Notice has been
approved by the Board of Directors, and accordingly, the Majority shall be deemed to have waived their
rights of pre-emption in respect of the Shares of the other Shareholders.
10.6.2 Upon receipt of the Drag-Along Notice, each of the Drag-Along Shareholders shall be deemed to
have waived their rights of pre-emption in respect of the Shares to be transferred pursuant to the Drag-
Along Notice, and shall be bound to transfer all of its Shares to the Offeror on such date and upon
payment of the sale price, in accordance with the Drag-Along Notice. If any other Drag-Along Shareholder
does not execute transfer(s) in respect of all its Shares to be transferred by it pursuant to this Clause
10.6, such other Shareholder shall be deemed a defaulting Shareholder and shall be deemed to have
irrevocably appointed the Majority or any person nominated for that purpose by the Majority to be its
agent, subject always to all applicable laws and regulations, to execute all necessary documents and
transfer(s) of the defaulting Shareholder’s Shares on its behalf and against receipt of the consideration
payable for such Shares deliver such Shares to the proposed transferee and the Directors shall forthwith
register the bona fide independent transferee (or as it may direct) as the holder thereof and, after such
transferee (or its nominee) has been registered as the holder, the validity of such proceedings shall not be
questioned or claimed by such other Shareholder.
10.6.3 Completion of the sale and purchase of the Shares of the Majority and the Drag-Along Shares
shall take place simultaneously at such place, date and time specified in the Drag-Along Notice. Each
Majority Shareholder shall be free to complete the sale and purchase of all its Shares, notwithstanding
that any of the other Shareholders fails to complete due to no fault of such Majority Shareholder or the
third party purchaser.
Intellectual Property, Proprietary Rights and Inventions
• 10.5 Any discovery, invention, secret process or improvement in procedure
Intellectual made or discovered by a Founder Shareholder while in the service of any

Group Company, in connection with or in any way affecting or relating to any
Group Company’s business or capable of being used or adapted for use in or
Property in connection with any Group Company’s business, shall as soon as

reasonably practicable be disclosed to the Company and shall belong to and
be the absolute property of the Group Company which the Company
nominates for the purpose. For the avoidance of doubt, this Agreement shall
not operate as a transfer instrument and any transfer of intellectual property
rights shall be effected under a separate agreement. The transfer of such
intellectual property rights shall be at the full expense of the Company.
• 10.6 The Founder Shareholders (whether before or after his ceasing to be a

Shareholder in the Company or his ceasing to be an employee or engaged as
a consultant of any Group Company) shall at the expense of the Company or
its nominee apply or join in applying for letters patent or other similar protection
in Singapore or any other part of the world for any such discovery, invention,
process or improvement as referred to in Clause 10.5 and shall execute all
instruments and do all things necessary for vesting those letters patent or other
similar protection when obtained and all rights and title to and interest in them
in the Company (or its nominee) absolutely and as sole beneficial owner.
Alternatif JV
- Perjanjian distributor
- Perjanjian Lisensi
- Perjanjian secondment (impor barang dan

membutuhkan tenaga ahli untuk menginstall
barang)
- Konsorsium

PERSELISIHAN DI TAHAP AWAL
PENDIRIAN PERUSAHAAN PATUNGAN
HAL-HAL • Salah satu pihak tidak dapat setuju terhadap komitmen keuangan
YANG DAPAT yang diajukan
MENYEBABKAN PERSELISIHAN DI TAHAP IMPLEMENTASI

PERSELISIHAN • Perselisihan terkait manajemen Perusahaan
TERKAIT JVA • Perselisihan di mana pemegang saham minoritas menyatakan bahwa

pemegang saham mayoritas telah menyalahgunakan haknya dan
memblok suatu putusan
• Tuduhan adanya penipuan atau ketidakjujuran oleh salah satu pihak
PERSELISIHAN TERKAIT DENGAN

PEMENUHAN KEWAJIBAN DI JVA

POTENSI SENGKETA ANTAR PARA
PIHAK DALAM JVA
• SENGKETA WANPRESTASI
Pengadilan atau arbitrase
• SENGKETA PERBUATAN MELAWAN HUKUM

Dilawan dengan pasal dalam JVA yang bilang tidak boleh ke pengadilan
untuk sengketa perbuatan melawan hukum atau forum penyelesaian
sengketa tidak tepat
• KASUS PIDANA
Biasanya menggunakan pasal penipuan
• LIKUIDASI
Pengadilan Negeri dapat membubarkan Perseroan atas
permohonan pemegang saham, Direksi atau Dewan Komisaris
berdasarkan alasan Perseroan tidak mungkin dilanjutkan (Pasal 146
UUPT)

BANI MAMPANG BANI SOVEREIGN
PENDIRIAN Keputusan KADIN No. SK Menteri Hukum dan HAM No.
SKEP/152/DPH/1977 AHU-0064837.AH.01.07. tanggal
tanggal 30 November 20 Juni 2016
1977
KETUA MR. HUSSEYN UMAR MR. ERRY FIRMANSYAH
ALAMAT Wahana Graha Lantai 1 & 2 Gedung Sovereign Plaza Lantai 8

Jalan Mampang Prapatan Jalan TB Simatupang Kav. 36
No. 2 Jakarta 12430
Jakarta 12760
• 76 Arbiter Indonesia • Semua arbiter BANI Mampang

ARBITER
• 69 Arbiter Asing kecuali yang menolak
• Tambahan 15 arbiter Indonesia
SENGKETA ANTARA
BANI MAMPANG DAN
BANI SOVEREIGN
• KASUS PERDATA
• KASUS TATA USAHA NEGARA
• KASUS PELANGGARAN MEREK
(PERDATA)
• KASUS PELANGGARAN MEREK
(PIDANA)

Klausul Arbitrase dalam JVA
1. A pabila Perselisihan t idak dapat diselesaikan secara damai dalam jangka waktu 30 (tiga puluh) hari sebagaimana disebutkan
dalam Pasal ___ di at as, P erselisihan t ersebut akan diselesaikan melalui arbitrase sesuai dengan perat uran __________).
A rbit rase t ersebut akan dilakukan dalam bahasa _____ dan dilaksanakan di ________.
2. Arbit rase akan dilaksanakan oleh suat u majelis arbitrase yang terdiri dari 3 (t iga) arbit er (”Majelis Arbit rase”) yang ditunjuk
sebagai berikut : (i) masing-masing P ihak, dalam jangka waktu 14 (empat belas) hari setelah dikeluarkannya pemberit ahuan
arbit rase, akan menunjuk seorang arbiter. Jika salah satu Pihak gagal untuk menunjuk seorang arbit er dalam jangka waktu
t ersebut , maka arbit er t ersebut akan dit unjuk oleh Ketua ____; dan (ii) 2 (dua) arbiter yang telah ditunjuk akan dalam jangka
wakt u 30 (t iga puluh) hari set elah dikeluarkannya pemberitahuan arbitrase akan menunjuk arbit er ket iga, yang akan memim pin
arbit rase. Jika mereka t idak dapat mencapai suatu persetujuan atas arbit er ketiga, arbiter ketiga akan ditunjuk oleh Ketua
____
3. Para P ihak memint a Majelis A rbit rase untuk memberikan put usan paling lambat 60 (enam puluh) hari kalender setelah
dimulainya proses arbit rase dengan ket entuan bahwa dalam hal di mana Majelis Arbit rase tidak dapat memberikan put usan
dalam jangka wakt u 60 (enam puluh) hari kalender, Para Pihak setuju bahwa Pasal 48(1) dari Undang-Undang No. 30 Tahun
1999 Republik I ndonesia (”UU A rbit rase”) tidak akan berlaku untuk membatasi jangka waktu pelaksanaan sidang-sidang
arbit rase. Majelis A rbit rase akan memiliki kewenangan untuk memutuskan set iap usulan ganti rugi atau putusan yang
diajukan oleh P ara P ihak, t ermasuk t etapi t idak t erbatas pada keput usan deklaratoir, perintah pelaksanaan hal tert ent u atau
penerbit an penet apan.

4. Tanpa mengurangi penerapan hukum, Pasal ____ ini dimaksudkan sebagai perjanjian arbitrase dalam UU Arbit rase dan
mengikat P ara P ihak dengan t idak dapat ditarik kembali unt uk menyelesaikan segala perselisihan dengan putusan arbitrase
yang f inal dan mengikat .
5. Majelis A rbit rase berhak unt uk m engkaji biaya terhadap Pihak yang t elah lalai dalam mematuhi setiap perat uran arbitrase dan
ket ent uan dalam P asal ____ di at as. Putusan Majelis Arbit rase bersifat f inal, mengikat dan tidak dapat diajukan banding dan
dapat digunakan sebagai dasar put usan di setiap pengadilan at au otoritas pengadilan lainnya yang memiliki kompetensi
jurisdiksi di I ndonesia at au di t empat lainnya. Majelis Arbitrase akan mengeluarkan putusan dalam Bahasa _____ bersamaan
dengan alasan put usan t ersebut , t ermasuk rincian fakt a-fakt a yang ditemukan.
6. Para Pihak secara t egas menyet ujui:

• B ahwa t idak diperkenankan adanya banding ke pengadilan mana pun at as putusan Majelis Arbit rase dan Para Pihak
dengan ini mengesampingkan set iap ket ent uan dalam hukum Indonesia yang memberikan Para Pihak hak untuk banding
at au mengajukan keberat an at as putusan Majelis Arbitrase;
• B ahwa mandat dari Majelis Arbit rase yang terdapat dalam Pasal ___ ini akan t etap berlaku sampai put usan akhir arbitrase
t elah dikeluarkan oleh Majelis A rbitrase; dan
• B ahwa, sesuai dengan P asal 60 UU Arbitrase, tidak ada Pihak yang berhak unt uk mengajukan pembatalan, penundaan atau
pencabut an put usan arbit rase kecuali jika Majelis Arbitrase yang mengeluarkan putusan atau majelis arbitrase lainnya yang
dit unjuk berdasarkan P asal ___ ini menent ukan bahwa putusan arbitrase memuat atau secara tegas didasarkan pada salah
sat u unsur yang t ercant um dalam Pasal 70 UU Arbitrase.

7. Tidak ada P ihak yang berhak unt uk memulai atau mempertahankan setiap tindakan di pengadilan hukum untuk hal-hal yang
t elah diajukan ke arbit rase sampai hal tersebut t elah diputuskan berdasarkan Pasal ___ ini dan hanya dapat diajukan ke
pengadilan unt uk pelaksanaan put usan arbitrase.
8. Put usan Majelis A rbit rase dalam arbit rase berdasarkan Pasal ___ ini termasuk putusan penentuan Pihak atau Para Pihak,
yang akan menanggung semua biaya-biaya dan pengeluaran-pengeluaran Majelis Arbitrase, biaya-biaya administratif arbitrase
dan biaya hukum yang dikeluarkan oleh Pihak atau Para Pihak, biaya-biaya dan pengeluaran-pengeluaran saksi-saksi dan
biaya-biaya sert a pengeluaran-pengeluaran lainnya yang perlu dikeluarkan berdasarkan pertimbangan Majelis Arbit rase untuk
menyelesaikan perselisihan t ersebut di hadapan Majelis Arbitrase. Para Pihak dengan ini mengesampingkan setiap ketentuan
hukum at au prakt ek di I ndonesia yang akan menghindarkan pembayaran biaya-biaya, pengeluaran-pengeluaran dan biaya-
biaya hukum t erhadap salah sat u P ihak.
9. Sesuai dengan maksud dari P asal 5 ayat 1 dari UU Arbitrase, Para Pihak set uju bahwa hubungan antara Para Pihak bersifat
perdat a dan perselisihan di ant ara P ara Pihak t erkait dengan Perjanjian ini merupakan perselisihan yang bersifat perdata.
10. Tanpa membat asi penerapan hukum apa pun, dan tanpa mengurangi hak suatu Pihak untuk memperoleh pelaksanaan arbitrase
di dalam suat u f orum di yurisdiksi mana pun, Para Pihak dengan ini memilih dengan tujuan untuk melaksanakan putusan
arbit rase apapun yang umum, permanen dan tidak eksklusif pada Kant or Panitera Pengadilan Negeri Jakarta Pusat.
Sehubungan dengan ini, P ara P ihak setuju bahwa Konvensi New York tentang Pengakuan dan Pelaksanaan Put usan Arbit rase
Asing Tahun 1958 akan berlaku t erhadap putusan arbitrase berdasarkan Pasal ___ ini.

11. Tidak ada sat u P ihak yang akan m emperdebat kan keabsahan atau keberlakuan Perjanjian ini, atau ketentuan Perjanjian ini
at au dugaan yang mendasari t ujuan P erjanjian ini bertent angan dengan hukum I ndonesia untuk alasan apapun.
12. Selama menunggu pengajuan perselisihan ke arbitrase dan sampai saat Majelis Arbit rase mengeluarkan putusannya, setiap
Pihak harus, kecuali dalam hal t erjadinya berakhirnya, pengakhiran atau kelalaian oleh Pihak lainnya unt uk mematuhi atau
memenuhi perint ah at au put usan majelis arbitrase, melanjutkan untuk melaksanakan sem ua kewajibannya berdasarkan
Perjanjian ini t anpa mengurangi t indakan penyesuaian akhir sesuai putusan arbitrase t ersebut.

KLAUSUL UNTUK
MENGHINDARI
PERSELISIHAN DALAM JV
• Pasal mengenai wanprestasi

• Pasal mengenai tindakan yang
dapat dilakukan pada saat
wanprestasi
• Hak untuk di buy out
• Hak untuk menjual ke pihak ketiga tanpa
perlu meng-exercise right of first refusal

Contoh klausul yang dapat
menyebabkan Para Pihak tidak
menandatangani JVA Agreement

BAGAIMANA PENDAPAT ANDA MENGENAI KLAUSUL BERIKUT?
CLAUSE 14
FURTHER COVENANTS; GUARANTEE AND INDEMNITY BY GUARANTOR
14.1 Each of the Parties shall do and execute or procure to be done and executed all such acts, agreements, documents and things as may be within
their power to give full effect to this Agreement and to procure that all provisions of this Agreement are observed and performed. In particular, but
without limitation, the Shareholders shall, in their capacity as Shareholders, do all things necessary to give full effect to this Agreement and to
procure that all provisions of this Agreement are observed and performed for so long as it remains in full force and effect, including exercising their
voting rights to pass any and all necessary resolutions for such purposes (whether by the BoD or BoC or a general meeting of Shareholders of the
Company).
14.2 The Parties shall co-operate in seeking to obtain all necessary consents or approvals from Third Parties, including any Governmental Authority,
that are required or necessary to be obtained for the consummation of the transactions described in this Agreement.
14.3 The Shareholders shall cause the Company to comply with this Agreement.
14.4 ABC must remain a direct or indirect subsidiary Controlled by XYZ and Investor must remain a direct or indirect subsidiary Controlled by DEF.
14.5 The granting of guarantee
The Guarantor irrevocably and unconditionally guarantees to the Investor and the Company, as a continuing obligation, the due and punctual
performance of each obligation of ABC contained in this Agreement and any other agreement entered into pursuant to this Agreement. The Guarantor
shall pay to the Investor or the Company, from time to time on demand, a sum of money which ABC is at any time liable to pay to the Investor or the
Company under or pursuant to this Agreement or any other agreement entered into pursuant to this Agreement and which has not been paid at the time
the demand is made. The payment shall be made irrespective of any dispute between the Shareholder and/or the Company. The Guarantor's
obligations under these Clauses 14.5 until 14.13 are primary obligations and not those of a mere surety.
14.6 The granting of indemnity
a) The Guarantor irrevocably and unconditionally agrees as an independent and primary obligor to fully indemnify the Investor and the Company,
from time to time on demand, for any loss incurred by the Investor or the Company as a result of (i) ABC failing to perform any of its obligations;
(ii) the obligations being or becoming unenforceable, invalid or illegal or (iii) ABC being in breach of any representations or warranties given in
this Agreement and any other agreement entered into pursuant to this Agreement, and to assume such obligation as Guarantor's own primary
obligations, which obligations include without limitation any payment obligations, under this Agreement to which it is a party.
b) The obligations assumed under this Agreement with respect to the indemnity given under this Clause 14.6 are independent undertakings and
constitute the Guarantor's own debt and obligation, as meant by or in accordance with Article 1316 of the Indonesian Civil Code, and are not
accessory to any other documents to which it is a party.
c) Accordingly Articles 1820 to 1850 of the Indonesian Civil Code do not apply to the indemnity given in this Clause 14.6.
14.7 Obligations becoming void, voidable or unenforceable
The Guarantor irrevocably and unconditionally agrees to indemnify (and keep indemnified) the Investor and the Company on demand against
any loss or cost incurred by the Investor or the Company as a result of any obligation of ABC referred to in Clause 14.5 or Clause 14.6 above
being or becoming void, voidable or unenforceable as against the Investor or the Company for any reason whatsoever. The amount of the loss or
cost shall be equal to the amount which the Investor and/or the Company would otherwise have been entitled to recover from ABC.
14.8 Continuing obligations
The Guarantor's obligations under Clause 14.5 and its liability under Clauses 14.6 and 14.7 are continuing obligations and are not satisfied,
discharged or affected by an intermediate payment or settlement of account by, or a change in the constitution or control of, or merger or
consolidation with any other person of, or any insolvency event relating to, ABC.
14.9 Arrangements with other parties
The Guarantor's obligations under Clause 14.5 and its liability under Clauses 14.6 and 14.7 are not affected by any arrangement which the
Investor and/or the Company may make with ABC or with another person which (but for this Clause 14.9) might operate to diminish or discharge the
liability of or otherwise provide a defense to a surety.
14.10 Conduct
Without affecting the generality of Clause 14.9, neither the Guarantor's obligations under Clause 14.5 nor its liabilities under Clauses 14.6 and
14.7 will be prejudiced, affected or discharged by any of the following:
a) any time, waiver or consent granted to, or indulgence to or composition with, the Guarantor, ABC or any other person;
b) the release of the Guarantor or, ABC or any other person under the terms of any composition or arrangement with any creditor of ABC or any
of its Affiliates;
c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or
security over, assets of the Guarantor, ABC or any other person; or any non-presentation or non-observance of any formality or other
requirement in respect of any instrument; or any failure to realize the full value of any security;
d) any incapacity, or lack of power, authority or legal personality, or dissolution or change in the members or status, of the Guarantor, ABC or
any other person;
e) any amendment, supplement, extension or restatement (however fundamental and whether or not more onerous), or replacement,
assignment, or novation (pursuant to Article 1421 of the Indonesian Civil Code) or termination, of this Agreement or any other document or
security;
f) any unenforceability, illegality or invalidity of any obligation of any person or any provisions under this Agreement or any other document or
security;
g) The Investor and/or the Company at any time releasing, refraining from enforcing, varying, or in any other way dealing with any of the same,
any power, right or remedy that the Investor and/or the Company have now or in the future obtained from or against the Guarantor, ABC or
any other person;
h) any act, omission, event or circumstances which would or may but for this provision operate to prejudice, affect or discharge this Agreement
or the liability of the Guarantor, ABC or any other person; or
i) the payment to the Investor and/or the Company by ABC or any other person, or the settlement, of any part of the obligations of ABC
contained in this Agreement and any other agreement entered into pursuant to this Agreement.
14.11 No exercise of rights
So long as ABC is under an actual or contingent obligation under this Agreement, or any other agreement entered into pursuant to this
Agreement, the Guarantor shall not (i) exercise a right which it may at any time have by reason of the performance of its obligations under Clauses
14.5 to 14.7 (both inclusive) to be indemnified by the Investor and/or the Company, to claim a contribution from another surety of the obligations of
the Investor and/or the Company or to take the benefit (wholly or partly and by way of subrogation or otherwise) of any of the rights of the Investor
and/or the Company under this Agreement, or any other agreement entered into pursuant to this Agreement, or of any other security taken by the
Investor and/or the Company in connection with this Agreement or any other agreement entered into pursuant to this Agreement, or (ii) file a petition
for the insolvency or liquidation of ABC.
14.12 Immediate Recourse
The Guarantor waives any right it may have to first require the Investor and/or the Company (or any trustee or agent on its behalf) to proceed
against or enforce any other rights or security or claim payment from any other person before enforcing the guarantee and indemnity created by or
pursuant to these Clauses 14.5 until 14.13. This waiver applies irrespective of any law or any provision of this Agreement or any other agreement
entered into pursuant to this Agreement to the contrary.
14.13 Waiver
The Guarantor waives in favor of the Investor and/or the Company any and all of its rights, protection, privileges and defenses provided by any
law to a guarantor and in particular the provisions in Articles 1430, 1831, 1833, 1837, 1843, 1847 through 1850 of the Indonesian Civil Code.
SSEK INDONESIAN LEGAL CONSULTANS
14TH FLOOR MAYAPADA TOWER I
JL. JEND. SUDIRMAN KAV.28 JAKARTA 12920 INDONESIA
PHONE 62 21 29532000 / 5212038 FAX 62 21 5212039
www.ssek.com

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SSEK INDONESIAN LEGAL CONSULTANTS

STRATEGI HUKUM DALAM KETERAMPILAN

Dewi Savitri Reni Aldilla Stephanie Suwana

Joint Venture sering disebut

Mengingat dalam JV, para pemegang saham tersebut tidak memiliki

1 SSEK Indonesian Legal Consultants

Biasanya Joint Venture dikonotasikan sebagai kegiatan menanam

Tetapi sebenarnya Joint Venture dapat berbentuk penanaman modal

4. JOINT VENTURE AGREEMENT

SSEK Indonesian Legal Consultants

• Kewajiban setiap pemegang saham

• Pasal yang penting dalam JVA biasanya :

• Prosedur pendirian perusahaan

SSEK Indonesian Legal Consultants

• Pasal yang penting dalam SPA biasanya:

SSEK Indonesian Legal Consultants

Untuk pertanyaan 3, silakan perhatikan skenario berikut:

SSEK Indonesian Legal Consultants

• Investor langsung mengambil bagian atas saham baru yang

SSEK Indonesian Legal Consultants

SSEK Indonesian Legal Consultants

MODAL DASAR PRESENTASE KLASIFIKASI SETORAN PEMBATASAN

SSEK Indonesian Legal Consultants

C. BISNIS PERUSAHAAN PATUNGAN

SSEK Indonesian Legal Consultants

D. PEMBIAYAAN PERUSAHAAN PATUNGAN

Pembiayaan perusahaan dengan Apabila pembiayaan dengan

Penyetoran modal saham dalam Siapa yang akan bertanggung

CONTOH KASUS: PERHATIKANLAH PASAL BERIKUT INI DALAM SUATU JVA

CONTOH KASUS: PERHATIKANLAH PASAL BERIKUT INI DALAM SUATU JVA

CONTOH KASUS: PERHATIKANLAH PASAL BERIKUT INI DALAM SUATU JVA

Hal-hal Yang Perlu

F. Rapat Umum Pemegang Saham

SIAPA YANG BERHAK MEWAKILI

SSEK Indonesian Legal Consultants

Hal-hal Yang Perlu

APAKAH ADA PENGATURAN

SSEK Indonesian Legal Consultants

CONTOH KASUS: PERHATIKANLAH PASAL BERIKUT INI DALAM SUATU JVA

b)Notwithstanding the foregoing,

CONTOH KASUS: PERHATIKANLAH PASAL BERIKUT INI DALAM SUATU JVA

SSEK Indonesian Legal Consultants

CONTOH KASUS: PERHATIKANLAH PASAL BERIKUT INI DALAM SUATU JVA

Dividends shall be distributed by the Company based on the following calculation:

Apakah saham di Perusahaan Patungan Bagaimana penilaian saham yang

Dapatkan mengalihkan saham secara Apabila saham dialihkan ke pihak ke-3,

SSEK Indonesian Legal Consultants

Suatu Perjanjian Pengambilan Saham memuat ketentuan sebagai berikut:

SSEK Indonesian Legal Consultants

I. Jangka Waktu dan Pengakhiran

APAKAH PERLU JANGKA WAKTU UNTUK JVA ATAU BERLAKU

BILA PERUSAHAAN PATUNGAN TERLIKUIDASI, BAGAIMANAKAH

CARA MENGATASI DEADLOCK (BUYBACK, JUAL BELI SAHAM

• HAK UNTUK DI BUY-OUT

SSEK Indonesian Legal Consultants

CONTOH KASUS: PERHATIKANLAH PASAL-PASAL BERIKUT INI DALAM SUATU JVA

SSEK Indonesian Legal Consultants

CONTOH KASUS: PERHATIKANLAH PASAL-PASAL BERIKUT INI DALAM SUATU JVA

CONTOH KASUS: PERHATIKANLAH PASAL-PASAL BERIKUT INI DALAM SUATU JVA

CONTOH KASUS: PERHATIKANLAH PASAL-PASAL BERIKUT INI DALAM SUATU JVA

CONTOH KASUS: PERHATIKANLAH PASAL-PASAL BERIKUT INI DALAM SUATU JVA

CONTOH KASUS: PERHATIKANLAH PASAL-PASAL BERIKUT INI DALAM SUATU JVA

CONTOH KASUS: PERHATIKANLAH PASAL-PASAL BERIKUT INI DALAM SUATU JVA