In an era when businesses increasingly have to depend on their suppliers to lower costs, improve quality, and drive innovation, traditional contracts don’t work. They often undermine the partner-like relationships and trust needed to cope with external uncertainty.
The remedy is to adopt a totally different kind of arrangement: a formal relational contract that creates a flexible framework designed to foster collaboration in complex strategic relationships over the long term. These contracts, which are legally enforceable, specify mutual goals and establish governance structures to keep the parties’ expectations and interests aligned.
They are especially useful for complex purchasing arrangements, outsourcing, strategic alliances, joint ventures, franchises, public-private partnerships, large construction projects, and collective bargaining agreements.
Crafting a formal relational contract involves five steps: laying the foundation, co-creating a shared vision and objectives, adopting guiding principles, aligning expectations and interests, and creating systems for staying aligned.
Source : https://hbr.org/2019/09/a-new-approach-to-contracts
Call to discuss how we can you help find the right speaker(s) for your organization.
© 2024 Executive Speakers Bureau. All Rights Reserved.
Design and Developed by eBiz Solutions
Executive Speakers Bureau consistently receives praises about our speed and efficiency. From the beginning of your event planning, our extensive online speaker database and resourceful staff allow us to quickly equip you with the best speaker for your event.
Need a last minute speaker? No worries. Our speed and efficiency help us give you ideas for speakers in one hour or less.