Collaborative contracting, from transactional to relational contracts

About this event

This means that negotiations must be properly prepared and negotiated in the right way, appropriate to the nature of the relationship and the importance of what is being procured. During the COVID crisis, many organizations have gained more insight into the nature of contracts and collaborations. As a result, the importance of the right contracts in which agreements are appropriately laid down has become increasingly important.

Today’s business environment is constantly evolving. It is filled with volatility, uncertainty, complexity and ambiguity and driven by digital transformation, globalization, and the need to create value through innovation. These shifts demand that organizations view contracting through a different lens. Since it is impossible to predict every 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.

Relational contracts embrace the social side of contracting, enabling your organization to harness the value creating potential of formal relational contracts.