The second term is normally used to describe different types of agreements in which two or more parties collaborate in the conduct of business activities. This translates for example. B by the common distribution of profits, the sharing of cash, assets, knowledge or skills. In the absence of detailed legal provisions governing the consortium or joint venture, the relationship between the parties to this type of agreement – when choosing a joint venture as a particular cooperation or partnership contract – is governed by customary law or the provisions of partnership law. A consortium contract governed by general contract law, similar to an ordinary social contract, does not create a separate entity. [6] Not sure if you need a joint venture agreement? Here are some of the most common questions we are asked: A joint venture agreement is legally binding in most jurisdictions and can be used in court to claim damages if one of the parties fails to comply with the terms of the contract. . . .