Today’s business environment is constantly evolving, filled with volatility, uncertainty, complexity and ambiguity and driven by digital transformation, globalization, and the need to creating value through innovation. These shifts demand that organizations view contracting through a different lens. Since it is impossible to predict every what-if scenario in a transactional contract, organizations in strategic and complex partnerships must shift to a mindset of shared goals and objectives built upon a strong foundation of transparency and trust, working together to mitigate risk much better than merely shifting risk to the weaker party.
Contracting in the New Economy helps you to not only develop this mindset – but also offers the practical tools needed to embrace the social side of contracting, enabling your organization to harness the value creating potential of formal relational contracts. Briefly sharing the theoretical foundations that prove relational contracting works, it goes well beyond theory by providing powerful examples of relational contracting principles in practice.
In addition, the authors provide a practical and proven approach for helping you to put relational contracting theory into practice for your own relationships. First by providing a framework for approaching any contracting situation and helping organizations finding the best contract model for each situation. And then by sharing five proven steps you can take to create an effective relational contract for you own strategic and complex business relationships.
For anyone involved in developing contracts — this book will empower you to create powerful cooperative alliances that will help you reach — and surpass — your business goals in today’s dynamic new environment.
PRAISE FOR Praise For Contracting in the New Economy
This book is a must-read for all professionals working with relational contracts and looking to increase value creation through collaborative contracting.
Global Commercial Legal Counsel, ISS World Services A/S
Many people offer advice on how to write better contracts, or for that matter how to live a better life, run a better business, etc. The book offers indispensable knowledge: processes and tools to overcome the challenges of entering into and living through long-term relationships… In short how to ensure that the potential gains from a relationship are actually realized.
Lewis P. and Linda L. Geyser University Professor of Economics, Harvard University
This book is really a history lesson, a life lesson and a business lesson all in one. Overall, this book is a must read for anyone involved in contracts, negotiations and procurement.
President and CEO of Sourcing Industry Group (SIG)
As the CEO of APQC, I am always looking for best practices to share with our global member organizations. This latest book on relational contracts should be considered a must-read for today’s supply chain and commercial managers who are struggling to try to crack the code on creating more value through their supply chain partners.
President & CEO | APQC
A great read for cutting-edge contract professionals both on the in-house as well as outside counsel side of the commercial lawyer spectrum.
Head of legal for Microsoft Western Europe
A clear and concise guide, from a practitioner’s perspective of the why, what, when and how to craft, implement and maintain a Relational Contract that dispels this deeply entrenched contracting notion that there has to be a winner and a loser in order to deliver an effective commercial agreement.
Retired General Motors Senior Global Executive
Executive Director Global Business Services
Chief Sourcing and Contracting Officer, Global Information Technology