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Contracting in the New Economy

Using Relational Contracts to Boost Trust and Collaboration in Strategic Business Relationships

Gebonden Engels 2021 9783030650988
Verwachte levertijd ongeveer 8 werkdagen


Today’s business environment is constantly evolving, filled with volatility, uncertainty, complexity and ambiguity and driven by digital transformation, globalization, and the need to creating value through innovation. These shifts demand that organizations view contracting through a different lens. Since it is impossible to predict every what-if scenario in a transactional contract, organizations in strategic and complex partnerships must shift to a mindset of shared goals and objectives built upon a strong foundation of transparency and trust, working together to mitigate risk much better than merely shifting risk to the weaker party.
Contracting in the New Economy helps you to not only develop this mindset – but also offers the practical tools needed to embrace the social side of contracting, enabling your organization to harness the value creating potential of formal relational contracts. Briefly sharing the theoretical foundations that prove relational contracting works, it goes well beyond theory by providing powerful examples of relational contracting principles in practice.
In addition, the authors provide a practical and proven approach for helping you to put relational contracting theory into practice for your own relationships. First by providing a framework for approaching any contracting situation and helping organizations finding the best contract model for each situation. And then by sharing five proven steps you can take to create an effective relational contract for you own strategic and complex business relationships.
For anyone involved in developing contracts —lawyers, in-house counsels, contract managers, C-level managers, procurement officers, and so on — this book will empower you to create powerful cooperative alliances that will help you reach —and surpass — your business goals in today’s dynamic new environment.


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Over Tim Cummins

Tim Cummins is CEO bij de International Association for Contract & Commercial Management.

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Part 1.-Chapter 1: The new economy: Welcome to the contracting paradox.- Chapter 2: Viewing contracting through a different a different lens.- Part 2: The science of contracting.- Chapter 3: Business want contracts: business people do not.- Chapter 4: The social science of contracting.- Chapter 5: The economics of contracting.- Chapter 6: The psychology of contracting.- Part 3: From theory to practice.- Chapter 7: A comparison of transactional and relational contract models.- Chapter 8: When to use a relational contract.- Chapter 9: Choosing a contract model in practice.- Chapter 10: A systemization of contracts.- Part 4: Five steps to relational contract.- Chapter 11: The importance of the right process.- Chapter 12: Step1: Laying the foundations for a partnership.- Chapter 1: Step 2: Co-create a shared vision and objectives.- Chapter 14: Step 3: Adopt guiding principles for the partnership.- Chapter 15: Step 4: Align expectations and interests (architect the deal points).- Chapter 16: Step 5: Stay aligned.- Part 5: Are relational contracts legally enforceable.- Chapter 17: Legal considerations of relational contracts.

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        Contracting in the New Economy