ABSTRACT
Deal makers create a framework between corporate entities but to make that work management teams must communicate, understand each other, work out what the problems are and how to resolve them. Active cooperation is implicit. Parties and contract managers make relationships in order to understand the other party, which, in turn, enables them to trim, give and take, in the shadow of the paper deal, the framework. In some ways, the survey reflects Macaulay’s view that contract is a mere device for the conduct of exchanges, but the paper contract is regarded as one part of a framework. Underlying the survey answers is a theme that contract involves formal and informal, hard and soft elements. The paper deal provides clarity and direction, but delivery requires communication, clarification, mutual understanding and cooperation. Terms and conditions and liabilities are ominous, undesirable, necessary, background.
