Negotiating incomplete contracts

When planning is possible, as in predictive environments, comprehensive contracting not only desirable, but also useful. However, under conditions of fundamental uncertainty, the case non-predictive incomplete approaches likely prevail. In this study, we explore how trust such environments affects way which venturing professionals negotiate, and outcome subsequently manifests itself negotiated agreement. particular, building upon a sample Norwegian firms, find that stewardship relationships are more prone to than agency relationships, paving for relational approach when uncertainty high. Implications theory practice discussed.