In the absence of detailed legal provisions governing the consortium or joint venture, the relationship between the parties to this type of agreement – when choosing a joint venture as a particular cooperation or partnership contract – is governed by customary law or the provisions of partnership law. A consortium contract governed by general contract law, similar to an ordinary social contract, does not create a separate entity. [6] The importance of a consortium agreement to you Enrolling as a candidate for study at a licensing institution offers you many privileges, including the right to federal financial assistance. During your trip, you will be considered a “guest student” at the University of Virginia, which means you are not a candidate for U.Va. So how do you maintain your application to your first school during the trip? That`s right — a consortium contract. A consortium agreement is an agreement between two higher education institutions/universities to recognize your enrollment at each site for financial aid purposes. It also certifies that only one of the two institutions can manage your Title IV and the financial assistance from the State. The term “consortium contract” may not mean much to you right now. But in the field of study abroad, it is a usual form that allows your home university to transfer your financial aid to the school where you are going to study. The consortium agreements in our Charlottesville office are no stranger to us. We usually receive a hundred of them for each trip. You must enter into a consortium agreement to confirm that you have fulfilled the requirements to obtain Title IV and financial aid from the State to finance your host courses.