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Art of Procurement

Learn from Procurement Experts. Host Philip Ideson talks with thought leaders who share the trends, strategies and tactics that you can lever to elevate the role of procurement - and your career.
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Now displaying: Page 1
Feb 17, 2020

You are probably familiar with some of these terms if you have ever participated in a complex contractual arrangement: arbitrator, mediator, certified deal architect, even the “wise persons committee.” All of these titles refer to objective third parties that are brought in to help resolve high-stakes situations.

Kate Vitasek, a member of the graduate faculty in executive education at the University of Tennessee, and the creator of the Vested model, has recently co-authored a whitepaper that takes the concept of the roles above and modifies it to meet the needs of ongoing, complex third-party relationships.

A “standing neutral” is a form of alternative dispute resolution. It is different than the roles above in that a standing neutral is brought in before the conflict occurs; they are part of a contract’s governance structure. They are neutral, and mutually approved by the parties to the contract.

Kate provides background and case examples to show:

  • How, when and why two (or more) companies might bring in a standing neutral to facilitate contract governance?
  • What impact the standing neutral role has on the relationship associated with the contract.
  • That using the right standing neutral under the right circumstances allows companies to proactively prevent conflicts and misalignment that could rob both parties of intended value.
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