Consortium
/kənˈsɔːrtiəm/
Definitions
- (n.) An association of two or more entities formed to undertake a specific project or business activity, typically sharing resources, risks, and profits.
The construction companies formed a consortium to bid on the large infrastructure project.
- (n.) A cooperative arrangement between multiple firms or parties to achieve a common objective without forming a separate legal entity.
The technology firms entered a consortium to develop a new standard.
Forms
- consortia
- consortiums
Related terms
See also
Commentary
In legal drafting, distinguish a consortium from a joint venture by its usually project-specific and temporary nature without forming a separate legal entity.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.