Joint Venture
Joint Venture is a business agreement in which two or more parties agree to pool their resources and expertise for the purpose of accomplishing a specific task or project. In the maritime context, Joint Venture is a common practice among shipping companies to share the risks and rewards of a particular voyage or project. Joint ventures can be formed for a variety of reasons, including cost-sharing, risk-sharing, and access to new markets. Joint ventures can take many forms, including a partnership, a limited liability company, or a corporation. The success of a joint venture depends on the ability of the parties to work together effectively and to manage the risks associated with the project.
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