Consortium

Consortium is a temporary, voluntary and equal union (association) on the basis of the agreement for joint economic activity in which legal entities join different resources and coordinate activities to solve specific economic problems. Consortium participants retain their economic independency and may participate in the activity of other consortia and associations. Relations between consortium participants are contractual. The consortium is managed in compliance with the consortium agreement of the participants. Consortium participants are jointly liable for the obligations connected with the consortium activities unless otherwise provided for by the consortium agreement. The consortium terminates its activities upon achievement of the set goal or by the decision of its participants. As for consortia and other associations with participation of banks, for the purpose of implementation of joint credit projects and solution of other problems banks may establish consortia on the basis of the agreement for joint activities and may participate in activities of other consortia and associations.