Definition of Consortium:
Consortiums are often found in the non-profit sector, for example, among educational institutions. Educational consortiums often pool resources such as libraries, research activities, and professors and share them throughout the members of the group to benefit their students. Several groups of North American colleges and universities operate as consortiums.
Benefits the parties to an agreement or arrangement are entitled to receive from one another.
The right of association and companionship with ones husband or wife.
Short-term arrangement in which several firms (from the same or different industry sectors or countries) pool their financial and human resources to undertake a large project that benefits all members of the group. A consortium lasts for a period that is usually shorter than that for a syndicate.
An association, typically of several business companies.
A consortium is a group made up of two or more individuals, companies, or governments that work together to achieving 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 consortium's 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.
Synonyms of Consortium
Alliance, Consortium, Coalition, Union, League, Guild, Syndicate, Corporation, Federation, Confederation, Confederacy, Conglomerate, Cooperative, Partnership, Amalgamation, Merger, Aktiengesellschaft, Accord, Agreement, Aktiebolag, Arrangement, Bargain, Binding agreement, Body corporate, Bond, Business, Business establishment, Cartel, Chamber of commerce, Club, Collective agreement, Combine, Commercial enterprise, Compact, Compagnie, Company, Concern, Conglomerate, Conglomerate corporation, Congress, Consolidating company, Contract, Convention, Copartnership, Cordial understanding, Corporate body, Corporation, Covenant, Covenant of salt, Deal, Dicker, Diversified corporation, Employment contract, Entente, Entente cordiale, Enterprise, Fellowship, Firm, Formal agreement, Fraternity, Guild, Holding company, House, Industry, Ironclad agreement, Joint-stock association, Joint-stock company, League, Legal agreement, Legal contract, Mutual agreement, Mutual understanding, Operating company, Order, Pact, Paction, Partnership, Plunderbund, Pool, Promise, Protocol, Public utility, Society, Stipulation, Stock company, Syndicate, Trade association, Transaction, Trust, Understanding, Union, Union contract, Utility, Valid contract, Wage contract
How to use Consortium in a sentence?
- Consortiums are common among educational institutions that pool resources so that students can benefit from a broader range of assets.
- Representatives from each of the local firms joined forces in a consortium to help ensure that the charity fundraiser was a success.
- The consortium of European countries met in Greece to try to brainstorm ideas to help salvage the Greek economy which was on the verge of bankruptcy.
- The consortium of teachers in Lake County has come together and decided that they will use one of their comp days to have the Wednesday before Thanksgiving added onto the break.
- A consortium is a group of entities that collaborate to achieve a common objective.
- Examples of for-profit consortiums are Airbus Industrie GIE, composed of the companies British Aerospace, Aérospatiale, Construcciones Aeronáuticas SA, and Hulu, composed of Comcast, Time Warner, the Walt Disney Company, and 21st Century Fox.
- The amount awarded for loss of consortium must be included.
- It would move the commissioning of care to local authorities, giving democratic control of the health service to locally elected people, with council consortiums commissioning more complex services.
Meaning of Consortium & Consortium Definition