A consortium is an association of two or more individuals, companies, organizations, or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal. Here are some key points to note about a consortium:
- A consortium is a group made up of two or more individuals, companies, or governments that work together to achieve a common objective.
- Entities that participate in a consortium pool resources but are otherwise only responsible for the obligations that are set out in the consortiums agreement. Every entity that is under the consortium, therefore, remains independent with regard to their normal business operations and has no say over another member's operations that are not related to the consortium.
- A consortium can be found in various sectors, including non-profit, educational, and healthcare.
- In France, the consortium is considered a sub-type of joint venture and has important theoretical and practical significance. The French legal system does not provide a definition and does not explicitly use the concept of a joint venture or consortium. The consortium agreement in France is a purely contractual cooperative contract that does not entail the creation of a third party. The consortium has no legal personality or legal capacity.
- A consortium can also refer to the legal right of partners in a marriage to companionship and conjugal intercourse with each other.
Overall, a consortium is a way for multiple entities to work together towards a common goal while still maintaining their independence.
