Where a joint venture agreement is silent on the duration of expenditure obligations, and references to 'year 1' create at least a latent ambiguity, extrinsic evidence of the parties' mutual intention (including evidence that contribution arrangements beyond year 1 were never discussed) may be admitted under the Codelfa principle to resolve the ambiguity. The dissent raises the question whether the latent ambiguity gateway in Codelfa survives the objective principle reaffirmed in Toll v Alphapharm.
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