Joint venture
Two or more firms forming a single bidding entity for a contract, sharing liability. Heavier than a teaming agreement, and sometimes needed for large tenders.
Also called: JV
Related terms
- Consortium
- A group of firms that bid together, with one usually acting as lead. Consortia let small firms meet turnover and capacity requirements they could not meet alone.
- Teaming agreement
- An agreement between firms to bid together, setting out who leads, who does what and how the work and money will be shared if they win.