A Global Model for Contract Management
In a lead article, The Economist recently highlighted the Nordic countries and suggested they may be ‘the next supermodel’. Its Special Report then goes on to expand on the reasons for this focus. I was struck by the report because in my view, the Nordics are also leading-edge when it comes to contract and commercial practices.
The Nordic countries had their financial collapse some years before other Western economies. Their collapse came mostly in the 1990s, when the levels of taxation and public expenditure became unsustainable. Having gone through harsh reform in order to recover, they were left relatively unscathed by the financial crisis of 2008.
The Economist outlines many aspects of the social and economic reforms since that time and describes the egalitarian, consensual society that supports high levels of employment and a readiness to embrace change and innovation. The article concludes “The world will be studying the Nordic model for years to come”.
IACCM has strong membership within the Nordic countries and links to a number of universities and business schools (including some that come in for special mention in the Economist article). This is because the Nordics are also a center for innovation in contract management and a leading force behind ‘proactive law’. In line with their generally collaborative spirit, the Nordic countries have grasped that contracts are important and that, in general, they need to be balanced and fair – a framework that assists in building trust and governance. In addition, Scandinavia is leading in work on ‘visualization in contracts’ – that is, making it easier for users to understand them.
So if the Nordics truly do represent the shape of things to come in aspects of social and business organization, it is good to see that they take contract management so seriously and appreciate its contribution to improved success in the global market. It renews my confidence that the IACCM global community is on the right track!