Smart Contracting: A Framework for Better Performance of Contracts and the People Involved

Abstract

Chapter 12 pulls together the different elements covered in the other chapters. Each chapter so far has inherent in it a contracting commandment. Following these commandments in an organized and business-like fashion leads to more effective contracting. In this final chapter, we will look at a framework for implementing these commandments. This approach is referred to as SMART Contracting TM . The acronym SMART stands for Strategically Managed, Aligned, degenerative, Transitional. SMART Contracting is a balanced approach that considers technical, legal, business and human issues in the development of more effective contracting approaches while recognizing the need to accommodate ongoing change. It is deliberately nonprescriptive. This means that we need to apply the principles and manage the detail depending on what we want to achieve and how much latitude we have to adapt corporate procedures. I feel that I have to apologize for the trademark. In a previous book I used other trademarked terms and was criticized for doing so by one reviewer. I am very sensitive to such criticism, especially if I agree with the comment! However, the trademark protects the term.