Okuzeka
Contract & Commercial Law vocabulary · Companies & Partnerships

Joint venture

Meaning in contract & commercial law, with examples

nounCommon term

In contract & commercial law, joint venture means: A business arrangement in which two or more independent parties combine resources for a specific project or business while remaining separate companies.

In Turkish: ortak girişim, iş ortaklığı

How it is used

Shortened to JV. It may be purely contractual or take the form of a new jointly owned company. The joint venture agreement covers contributions, control, profit sharing, deadlock and exit. Common in construction, energy and entering new markets.

Example sentences

  1. The two firms formed a joint venture to build the airport terminal.

  2. Each partner owns 50% of the joint venture company.

Common collocations

  • form a joint venture
  • joint venture agreement
  • joint venture partner
  • joint venture company
  • partnershipA business run by two or more people who share its profits and, in a general partnership, are personally responsible for its debts.
  • companyA business organisation registered as a separate legal person, so it can own property, sign contracts and sue or be sued in its own name.
  • shareholderA person or company that owns shares in a company and therefore owns part of it, usually with rights to vote and to receive dividends.
  • subsidiaryA company that is controlled by another company, usually because the other company owns more than half of its shares.

More terms: Companies & Partnerships

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This page explains English vocabulary for learners. It is not legal advice.