Concept information
Preferred term
contracts and trust
Definition
- For new ventures, formal contacts are used as a means to impose control on an environment characterized by unpredictable actors and risky interdependence. From the employment relationships of key team members to questions of how control is shared between founders and investors, contracts are used to formalize parties' expectations and undergird those expectations with the force of legal sanctions. [Source: Encyclopedia of New Venture Management; Contracts and Trust]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/contracts_and_trust
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