Define: Joint Adventure

A joint adventure, also known as a joint venture, is a business arrangement in which two or more parties agree to collaborate on a specific project or business venture for a limited period of time. Each party contributes resources, such as capital, expertise, or labour, to achieve a common goal or objective. Joint ventures can take various forms, including contractual agreements, partnerships, or corporate entities, and may involve pooling resources to share risks, costs, and profits. Joint adventurers typically share decision-making authority and responsibility for the success or failure of the venture. While joint ventures offer opportunities for shared investment and mutual benefits, they also require clear agreements, communication, and coordination among the parties to manage potential conflicts and achieve desired outcomes.

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This glossary post was last updated: 29th March 2024.