Exploring Partnering and Joint Ventures in the Construction Industry: A Brief Perspective

This article aims to study partnering and joint ventures in the construction industry and additional perspectives for establishing possible collaborative business-management relationship models. Due to the increased global competition in an expansive marketplace, collaborative business relations in the construction industry are essential to achieve maximum efficiency and productivity to complete a successful construction project to benefit all of the parties involved in the project. Since these business relationships, including partnering and joint ventures, have a crucial difference, a solid understanding is necessary for a successful project in the construction industry. The study's novelty is to fundamentally provide niche perspectives of establishing and implementing such collaborative business-management relationship models as construction partnering and joint ventures, mainly focusing on the concepts of the models based on the point of view of the construction industry. In this study, we examined the concepts of the terms regarding partnering and joint ventures, their advantages and disadvantages, vital elements for success, and the case studies to provide an overall understanding of the collaborative projects. The outcome of this study could help practitioners who seek to promote activities that facilitate efficient partnering and joint ventures in the construction industry. Furthermore, it can help achieve a win-win strategy for all parties concerned and promote effective partnering and joint ventures.