joint control
Created Sep 18, 2024 (06:11)
by Kee, Benard
Definition
The contractually agreed sharing of control over an economic activity.
The contractually agreed sharing of control over an economic activity; it exists only when the strategic and operating decisions relating to the activity require the unanimous consent of the parties sharing control (the venturers).
Label(s)
joint venture
Created Sep 18, 2024 (06:11)
by Kee, Benard
Definition
A contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.
Label(s)
jointly controlled entity
Created Sep 18, 2024 (06:11)
by Kee, Benard
Definition
A joint venture that involves the establishment of a corporation, partnership or other entity in which each venturer has an interest. The entity operates in the same way as other entities, except that a contractual arrangement between the venturers establishes joint control over the economic activity of the entity.
