The Model of Contracting

The Model of Contracting explains how parties voluntarily agree to work together by creating contracts that specify their rights and obligations. It involves identifying a need, negotiating terms, and formalizing the agreement to ensure clarity and enforceability. The process reduces uncertainties, allocates risks, and provides legal assurance that each party will fulfill their commitments. This model emphasizes mutual consent, clarity, and trust, enabling efficient cooperation and managing potential conflicts through legal mechanisms if necessary.