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The Importance of the Right Process

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, 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.

Suggested Citation

  • David Frydlinger & Kate Vitasek & Jim Bergman & Tim Cummins, 2021. "The Importance of the Right Process," Springer Books, in: Contracting in the New Economy, edition 1, chapter 0, pages 151-154, Springer.
  • Handle: RePEc:spr:sprchp:978-3-030-65099-5_11
    DOI: 10.1007/978-3-030-65099-5_11
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