Overcoming contractual incompleteness: The role of guiding principles (VOX)

Contracts for complex outsourcing and supply-chain deals are challenging to write and vulnerable to bad behaviour. Rather than recommend that each party hire an army of sophisticated lawyers to anticipate and litigate the eventualities of an incomplete contract, this column explores a different approach. In a ‘Vested’ contract, each party agrees to shared goals, guiding principles, and structured communication to fall back on when conflicts arise. Used by a growing number of organisations worldwide, Vested contracts build trust and encourage parties to respect one another’s interests, facilitating communication and problem-solving.


David Frydlinger, Oliver Hart

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