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JOB DESCRIPTION - A written statement listing the elements of a particular job or occupation, e.g., purpose, duties, equipment used, qualifications, training, physical and mental demands, working conditions, etc.
JOINT VENTURE - In a joint venture both firms share, in some proportion, the responsibility and the profits or loss on a contract. They are considered affiliated (see "Affiliates," above) for the purpose of that contract. Normally, the revenues or the employees of both firms are added together to determine the size of a joint venture. However, on certain large Federal procurements, a joint venture comprised of only small businesses would qualify as a small business joint venture. This is limited to procurements that exceed $10 million in value that are classified with an NAICS industry having an employee-based size standard, or that exceeds one-half of the size standard for procurements classified with an NAICS industry having a revenue-based size standard. Also, certain 8(a) firms may joint venture with other firms without being considered affiliates (see 13 CFR 121.103 and 124.513 for more information).
JUDGMENT - Judicial determination of the existence of an indebtedness, or other legal liability.
JUDGMENT BY CONFESSION - The act of debtors permitting judgment to be entered against them for a given sum with a statement to that effect, without the institution of legal proceedings.
JUNK BOND - A high-yield corporate bond issue with a below-investment rating that became a growing source of corporate funding in the 1980s.
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