Further research from UT suggests business partnership contracts that stand the test of time utilize a contract framework that focuses on the relationship rather than a transaction, with a co-created vision, objectives, and a strong set of guiding principles that ensure expectations and goals are fully aligned. This collaborative approach to building out the contract is important because it enables both sides to develop trust and identify mutually beneficial outcomes. For such contracts to be effective, both sides must be open and transparent regarding their needs, values and goals from the partnership.
While this may seem like it requires putting in more work upfront than a standard transactional contract, creating an environment of greater trust puts both parties on equal footing. Clarity and ownership are clearly defined so all sides understand what’s expected and will act in a manner that strengthens the partnership.
Delivering lasting win-wins
The tech space has historically been more transactional than partnership-driven, but in today’s environment, IT leaders can’t afford to remain trapped in this mindset. By identifying relationships that can deliver mutual value for both parties and coming together with a collaborative, vested mindset, leaders can create more sustainable partnerships that lead to high-value outcomes.
