This term has no specific meaning under English law. It typically describes a commercial alliance between two or more natural persons or entities that can take various legal forms, such as a company, partnership, or pure contractual arrangement. The rationale for, and perceived advantages of, a joint venture are party and project specific and usually involves the pooling of resources and/or capabilities in the joint venture for the purposes of executing a particular business undertaking.

For further information, see Practice note, Joint Ventures: overview.