Select the appropriate definition of a joint venture:
1) A Joint Venture is a contractual arrangement entered into by two or more companies, individuals or other entities to carry out a business undertaking in common, similar to a partnership
2) A Joint Venture is a non-contractual arrangement entered into by two or more companies, individuals or other entities to carry out a business undertaking in common
3) A Joint Venture is a contractual arrangement entered into by two or more companies, individuals or other entities to carry out a business undertaking in common, otherwise than as partners
4) A Joint Venture is a contractual arrangement entered into by one or more companies, individuals or other entities to carry out a business undertaking in common otherwise than as partners