The Importance of the Right Process

David Frydlinger (), Kate Vitasek (), Jim Bergman () and Tim Cummins ()
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David Frydlinger: Cirio Law Firm
Kate Vitasek: University of Tennessee at Knoxville
Jim Bergman: Commercial Officers Group, Inc
Tim Cummins: World Commerce & Contracting

Chapter Chapter 11 in Contracting in the New Economy, 2021, pp 151-154 from Springer

Abstract: Abstract In this chapter, Five Steps to a Relational Contract, we introduce why following a formal relational contracting process is essential, and what that five-step sequence is. That sequence is: Step 1: Laying the foundation for a partnership based on trust, transparency, and compatibility; Step 2: Co-creating a shared vision and objectives; Step 3: Adopt guiding principles for the partnership; Step 4: Align expectations and interests, architecting the deal points; Step 5: Stay aligned by adopting a robust governance structure and supporting governance processes for relationship management. To agree on a relational contract as their contracting model, the contracting parties must embrace the optimal process. If the parties decide to adopt a relational contract, the process of developing and negotiating a transactional contract will not work.

Date: 2021
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DOI: 10.1007/978-3-030-65099-5_11

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