(1) In logistics, a Joint Operating Model is the logical extension of the 4PL, with tight-knit integration between the service provider, the customer, and the customer’s supply chain.
(2) In oil and gas, the JOM is defined by a Joint Operating Agreement, a common basis for exploration and production companies to cooperate.
A joint venture is an entity formed between two or more parties to undertake economic activity together. The parties agree to create a new entity by both contributing equity, and they then share in the revenues, expenses, and control of the enterprise. The venture can be for one specific project only, or for a continuing business relationship.
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