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Viewing Contracting Through a Different Lens

In: Contracting in the New Economy

Author

Listed:
  • David Frydlinger

    (Cirio Law Firm)

  • Kate Vitasek

    (University of Tennessee at Knoxville)

  • Jim Bergman

    (Commercial Officers Group, Inc)

  • Tim Cummins

    (World Commerce & Contracting)

Abstract

In this chapter, Viewing Contracting through a Different Lens, we examine the contracting phenomenon with a fresh perspective. After Stewart Macaulay coining the term “Relational Contracting” to current usage, this contracting model has been often viewed as an informal approach. Many have equated Relational Contracting to handshake deals filled with warm and fuzzy aspects. But businesses and the economy are changing—and organizations have started to face the contracting paradox. Relational Contracting can be a formal approach—and it works well when formalized. Today’s markets are more global, more complex, and faster. Successful organizations increasingly rely on their commercial partner networks and the contracts which enable them—those which are grounded in transparency, mutual goals, and a commitment to guiding principles to keep the relationship and economics in harmony throughout the life of a business relationship.

Suggested Citation

  • David Frydlinger & Kate Vitasek & Jim Bergman & Tim Cummins, 2021. "Viewing Contracting Through a Different Lens," Springer Books, in: Contracting in the New Economy, edition 1, chapter 0, pages 21-33, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65099-5_2
    DOI: 10.1007/978-3-030-65099-5_2
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