A group of individuals or companies formed to undertake an enterprise or activity that would be beyond the capabilities of the individual members.
n. 1) a group of separate businesses or business people joining together and cooperating to complete a project, work together to perform a contract, or conduct an ongoing business. For example, six companies, including Bechtel and Kaiser, joined together in a consortium to build Boulder (now Hoover) Dam, with each providing different expertise or components. 2) the marital relationship, particularly sexual intimacies, between husband and wife. Consortium arises in a lawsuit as a claim of “loss of consortium.” Often, it means that due to one’s spouse’s injuries or emotional distress, he/she cannot have sexual relations for a period of time or permanently, which is a loss to the partner for which he/she should be awarded damages. How the loss of a consortium is valued in financial terms is a difficult question.
- An association or combination of businesses, financial institutions, or investors, for the purpose of engaging in a joint venture.
- A similar arrangement among non-commercial institutions or organisations.
- An association or society.
A consortium is a group of individuals, companies, or organisations that come together to achieve a common goal or purpose. In a legal context, a consortium may be formed to collaborate on a specific project, share resources, or engage in joint ventures. The members of a consortium typically enter into a formal agreement outlining their rights, responsibilities, and obligations. This agreement may also address issues such as decision-making processes, profit-sharing arrangements, and dispute resolution mechanisms. Additionally, the members of a consortium may be held jointly liable for any obligations or liabilities arising from their collective activities.
- A group of separate individuals or companies that come together to undertake an enterprise or transaction that is beyond the means of any one member. For example, a group of local businesses may form a consortium to fund and construct a new office complex.
- The duties and rights associated with marriage. Consortium includes all the tangible and intangible benefits that one spouse derives from the other, including material support, companionship, affection, guidance, and sexual relations. The term may arise in a lawsuit if a spouse brings a claim against a third party for “loss of consortium” after the other spouse is injured or killed.
A consortium is a group or association of individuals, organisations, or companies that come together to collaborate on a specific project or goal.
A consortium is typically formed through a formal agreement or contract between the participating parties, outlining the purpose, responsibilities, and terms of collaboration.
Joining a consortium can provide various benefits, such as shared resources, expertise, and costs, increased market access, networking opportunities, and the ability to tackle complex projects collectively.
Yes, joining a consortium usually involves legal obligations, as outlined in the consortium agreement. These obligations may include financial contributions, adherence to consortium rules and regulations, and the protection of intellectual property rights.
Yes, a consortium can be held liable for legal issues arising from its activities. However, the extent of liability may vary depending on the terms of the consortium agreement and the applicable laws.
Yes, a consortium can dissolve or terminate its operations. This can occur through mutual agreement among the consortium members or as specified in the consortium agreement. Dissolution may involve the distribution of assets and the settlement of any outstanding obligations.
Yes, a consortium can be subject to antitrust laws if its activities raise concerns about anti-competitive behaviour. It is important for consortium members to ensure compliance with antitrust regulations to avoid potential legal consequences.
Yes, a consortium can protect its intellectual property rights through various means, such as patenting inventions, copyrighting materials, or implementing confidentiality agreements. The consortium agreement may also address the ownership and use of intellectual property developed within the consortium.
Yes, a consortium can be formed across different countries. However, the legal implications and requirements may vary depending on the jurisdictions involved. It is advisable to seek legal advice to ensure compliance with the laws of each country.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 8th April 2024.
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