Paper
Paper
Modern complex contracts require cooperation, solid effective governance and a hard core of clear and workable terms and conditions to make them work. In this essay I explore exactly what cooperation and governance mean through the lens of a major global survey of contract practitioners. I discuss formal and informal elements of contract management because both matter. I find that contract managers show a marked reluctance to use punitive measures, but that value is seen in escalation, negotiation, communication, and professional governance. These require constructive engagement, that the parties talk, communicate, and work together to find the cause of the problem and agree solutions. I conclude that respondents are more interested in performance than in revenge, and that the key task is about making the contract work.