The key difference lies in the implementation structure. Institutionalised, or treaty-based partnerships, are implemented through dedicated bodies (for example, Joint Undertakings) with a deeper level of integration and a distinct legal basis (Art. 185/187 of TFEU and the EIT legal acts for 2021-2027). Partnerships under Art. 185 involve public-public networks with Member States and Associated States leading the partnership, while Art. 187 allows networks to partner up with both the private sector (e.g. industry associations) and public partners (such as the Chips Joint Undertaking). Co-funded partnerships, on the other hand, are established through a Grant Agreement between a consortium of partners and the EU, following the successful submission of a proposal under a Horizon Europe Work Programme topic.