We are entering into a JV agreement with a builder whereby we are transferring some portion of our share to the builder. The builder has sent a General Power of Attorney draft where it states that we are appointing him do the various things with our share but does not mention for the purposes of the joint venture. Is this something to be worried about? Also, the GPA says its irrevocable and he can act on behalf of our interests and concern - I would prefer that it would have some sort of expiration after the JV is completed. Is there a way to ensure that he deals with the share we transfer to him only if the JV goes through and not for any other purpose? Can a special POA be given rather than a GPA?
Please let me know.