Viewing Contracting Through a Different Lens

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 2 in Contracting in the New Economy, 2021, pp 21-33 from Springer

Abstract: 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.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-65099-5_2

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DOI: 10.1007/978-3-030-65099-5_2

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