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Step 3: Adopt Guiding Principles for the Partnership

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, the focus is on Step 3: Adopt Guiding Principles for the Partnership. The parties need to mutually discover and agree on social norms, which will be explicitly included in the contract. Six fundamental social norms (reciprocity, autonomy, honesty, loyalty, equity, and integrity) are commonly embraced as guiding principles. Discussing and defining integrity keep everyone committed to fulfilling their roles and performing in the best interest of the relationship. Social norms are unwritten rules about how to behave in a particular social group, culture, or circumstance. From a sociological perspective, social norms are informal understandings that govern the behavior of members of society. In each social scenario, or contract, and relationship, the situation has its own set of expectations about the “proper” way to behave which varies from group to group, contract to contract, and relationship to relationship. This chapter provides proven tips and tools for moving through this step of the process.

Suggested Citation

  • David Frydlinger & Kate Vitasek & Jim Bergman & Tim Cummins, 2021. "Step 3: Adopt Guiding Principles for the Partnership," Springer Books, in: Contracting in the New Economy, edition 1, chapter 0, pages 191-212, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65099-5_14
    DOI: 10.1007/978-3-030-65099-5_14
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