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.

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.