Risk Management in Partnership Contracts

Abstract

This study aimed to explore and conceptualize the key dimensions and mechanisms of risk management in partnership contracts by analyzing the practical experiences of legal experts and practitioners in Tehran. A qualitative exploratory–analytical design was employed. Data were collected through semi-structured interviews with 15 legal specialists, including experienced attorneys, corporate legal advisors, and academic experts in private and commercial law. Participants were selected using purposive sampling based on at least five years of professional experience in drafting, supervising, or arbitrating partnership contracts. Interviews, each lasting 45–60 minutes, were conducted in person or online until theoretical saturation was achieved. All interviews were recorded with informed consent, transcribed verbatim, and analyzed using directed qualitative content analysis. Coding and theme development were facilitated by NVivo 14 software, and trustworthiness was ensured through peer debriefing, member checking, and applying the criteria of credibility, transferability, dependability, and confirmability. Four overarching themes emerged as central to effective risk management in partnership contracts: risk and responsibility allocation, emphasizing proactive financial risk assessment, insurance, and clear assignment of duties; clarity and precision in contractual terms, including standardized definitions, detailed annexes, performance metrics, and force majeure clauses; dispute resolution and enforcement mechanisms, featuring multi-tiered negotiation, mediation, arbitration frameworks, and technology-assisted monitoring; and contract flexibility and adaptability, incorporating price adjustment, renegotiation triggers, technological change management, and predefined exit strategies. These elements collectively enable better anticipation and mitigation of financial, legal, and operational uncertainties. By integrating proactive risk-sharing, precise drafting, adaptive governance, and modern dispute resolution frameworks, partnership contracts can become more resilient, reduce litigation, and foster sustainable collaboration in Iran’s evolving legal and economic context.