The term "joint venture" lacks any precise legal definition but is typically used to denote a form of legal relationship which is neither a partnership nor a corporation. Nbst joint ventures are contractual relationships which provide for the sharing of mining leases and production facilities and for the sharing of costs, but which enable each joint venturer to carry on his own separate business. The rationale for such relationships is that each participant: retains independent taxation status may independently grant direct security over his interest in the project assets for financing purposes Bankers prefer to lend to incorporated joint ventures (i.e. corporations in which all of the joint venturers are shareholders) but will lend to individual joint venturers provided the joint venture agreement does not imperil their security; i.e. provided there is a "bankable" joint venture. The carpeting objectives of joint venturers and their bankers may be reconciled and unnecessary conflict avoided by the timely inclusion of appropriate provisions in the joint venture agreement before financing negotiations commence.