In an equity joint venture, multiple parties invest, and the profits are divided according to the ratio of the investments made my each party. In a contractual joint venture, the profits are divided according to the terms of the contractual agreement, which may not necessarily be according to the ratio of the investments.

I´m not comfortable with business english, so I can´t help you with explaining these terms, but i would just like to add a correction, to make it easier for you to search for an explanation online: "equity joint venture" and "contractual joint venture" If you google these, I´m sure you´ll find good definitions.