Contractual Design and Functions – Evidence from Service Contracts in the European Air Transport Industry
نویسنده
چکیده
Contracts within governance classes, e.g. alliances or supply chain contracts, display a great degree of variation in contractual design. Different propositions have been advanced on the influence of repeated interactions on contractual complexity. In this paper, we explore the alignment between provisions in functional classes and the underlying transaction attributes. The transaction cost impact of learning via standardization of contract provisions is examined in this context. Evidence from 42 service contracts shows that contracts exhibit both a safeguarding and a coordinating function. Depending on the provision’s function, standardization occurs in ‘learning arrangements’ at the industry-level or at the firm-level. (JEL: L22, L93, D23)
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