In maritime law. An agreement or stipulation between the owners of different vessels that they shall keep in company, mutually aid, instead of interfering with each other, in wrecking and salvage, and share any money awarded as salvage, whether earned by one vessel or both. Andrews v. Wall, 3 How. 571, 11 L. Ed. 729.
Link to This DefinitionDid you find this definition of CONSORTSHIP helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary