Consortium

Business, Legal & Accounting Glossary

Definition: Consortium




What is the dictionary definition of Consortium?

Dictionary Definition


n. 1) a group of separate businesses or business people joining together and cooperating to complete a project, work together to perform a contract or conduct an on-going business. For example, six companies, including Bechtel and Kaiser, joined together in a consortium to build Boulder (now Hoover) Dam, with each providing different expertise or components. 2) the marital relationship, particularly sexual intimacies, between husband and wife. Consortium arises in a lawsuit as a claim of “loss of consortium.” Often it means that due to one spouse’s injuries or emotional distress he/she cannot have sexual relations for a period of time or permanently, which is a loss to the mate for which he/she should be awarded damages. How loss of consortium is valued in money terms is a difficult question.

  1. An association or combination of businesses, financial institutions, or investors, for the purpose of engaging in a joint venture.
  2. A similar arrangement among non-commercial institutions or organizations.
  3. An association or society.

Full Definition of Consortium


  • A group of separate individuals or companies that come together to undertake an enterprise or transaction that is beyond the means of any one member. For example, a group of local businesses may form a consortium to fund and construct a new office complex.
  • The duties and rights associated with marriage. Consortium includes all the tangible and intangible benefits that one spouse derives from the other, including material support, companionship, affection, guidance and sexual relations. The term may arise in a lawsuit if a spouse brings a claim against a third party for “loss of consortium” after the other spouse is injured or killed.

Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/consortium/
Modern Language Association (MLA):
Consortium. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 22, 2021 https://payrollheaven.com/define/consortium/.
Chicago Manual of Style (CMS):
Consortium. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/consortium/ (accessed: September 22, 2021).
American Psychological Association (APA):
Consortium. PayrollHeaven.com. Retrieved September 22, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/consortium/

Definition Sources


Definitions for Consortium are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 27th April, 2020 | 3 Views.