Strategic contracting as a source of organizational success

Abstract

In this essay I reflect on the fundamental impact of global networked communications on trading relationships and the overall value chain. Based on my observations as Executive Director of the International Association for Contract and Commercial Management, I argue that the influences and complexity of today's market conditions demands fresh approaches to the way that relationships are formed and managed, promoting the role of contracts in shaping organizations and determining their success. I conclude that in a modern networked economy, the contracting process provides the essential glue that ensures integrity across the links in the value chain. Therefore contracting, until now the ugly duckling of commercial endeavor, must take center stage as a strategically critical capability that will be strengthened through the academic rigor and research such a professional practice demands.

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