I met University of Vermont Law Professor Oliver Goodenough recently at an IACCM/Stanford Law School event that discussed the future of contracts. He posed this question: “Does the term “contract” come with baggage?” The discussion that followed was lively. The simple fact of the matter is today’s mental model of a contract does come with […]
We should always challenge, or at least question, the status quo. The status quo is great only if you want the same thing you have always had. But today’s business world is dynamic and companies demand innovation and value creation. Lawyers should embrace change and more progressive thinking from academia that is proving to be […]
Follow Guiding Principles To A Successful Contract Article by Kate Vitasek published 22 Sept. in Forbes. A National Bureau of Economic Research paper highlights new research on how to overcome contractual incompleteness. Traditional contracting approaches have inherent flaws and a “new approach” that embeds informal social norms formally into a contract can help parties mitigate opportunistic behaviors, […]
In our 3 Day Vested Outsourcing course we teach organizations how to do a Business Model Map in order to determine if Vested is the right Sourcing Business Model for their situation. One question that came up was, “Wouldn’t a buyer and a supplier have the same shared vision once they decided to create a […]
UK Court Says Post Office Agreements Are Relational Contracts Article by Kate Vitasek published 8 September 2019 in Forbes. Here is the link.
“A new Approach to Contracts,” article by David Frydlinger, Oliver Hart and Kate Vitasek published in the September-October edition of the Harvard Business Review. Here is the link: https://hbr.org/2019/09/a-new-approach-to-contracts
Lacity and Willcocks: The Dynamic Duo of Dynamic Outsourcing Practice Column by Kate Vitasek published 27 April 2018 by Outsource Magazine Here’s the link: https://tinyurl.com/ycp4baqb
How often do we come to the negotiating table or the procurement process with the idea of treating each other as equals during a negotiation?
Here are some items I hope Santa will seriously consider leaving for outsourcing, procurement and supply chain professionals: Collaboration: Of course, I start with this! Trust: Yes, it’s hard to know who to trust, who is honest and who is willing to be as transparent as perhaps you are willing to be. My advice: take […]
For now, the human element is an essential part of negotiating collaborative and shared-value contract relationships.