consortium agreement

  

Definition

Reciprocal arrangement in which the members of a group of firms undertake to help each other in case of an emergency, such as sharing their facilities with a member who suffers a disaster or is under a threat.

Use this term in a sentence

  • ABC Company has a consortium agreement with XYZ Company and Ajax Incorporated so their costumers will suffer minimal loss of service in the event of a hurricane or other natural disaster.

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  • I really agreed with and even admired the consortium agreement that made people look out for one another in case of a disaster.

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  • You may want to make sure that any consortium agreement you make is met with a contract so everyone must abide to it.

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