4 A joint arrangement is an arrangement of which two or more parties have joint control.
5 A joint arrangement has the following characteristics:
(a) The parties are bound by a contractual arrangement (see paragraphs B2-B4).
(b) The contractual arrangement gives two or more of those parties joint control of the arrangement (see paragraphs 7-13).
6 A joint arrangement is either a joint operation or a joint venture.
Joint control
7 Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.
8 An entity that is a party to an arrangement shall assess whether the contractual arrangement gives all the parties, or a group of the parties, control of the arrangement collectively. All the parties, or a group of the parties, control the arrangement collectively when they must act together to direct the activities that significantly affect the returns of
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