In a tough, uncertain economic environment like the one created by the pandemic, the relationship between companies and their suppliers often deteriorates as each party places its own needs above the other’s. But a novel approach that a number of companies are employing — a formal relational contract — can help them address challenges that arise in a collaborative fashion. This legally enforceable contract includes shared goals and objectives, guiding principles, and robust relationship-management processes, which spell out how the parties will work through issues as they arise.
Source : https://hbr.org/2020/10/an-innovative-way-to-prevent-adversarial-supplier-relationships
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