Release:2018, Vol. 4. №3
About the author:Alexey S. Deev, Cand. Sci. (Phylos), Associate Professor, Department of Management, Marketing and Logistics, University of Tyumen; firstname.lastname@example.org
Behavioral uncertainty is a key factor in building contractual relationships, and it has a significant impact on the risks of signing and implementing a contract as the main tool of economic exchange. Identifying risk factors in contracting is one of the most important components of ensuring the economic security of a business, preventing material damage, reducing the likelihood of bankruptcy, and protecting the company’s business reputation. Among the existing contractual risks and factors causing the possibility of their implementation (changes in legislation, poor quality work of the legal service, and force majeure), a special place belongs to the risk of one of the parties not fulfilling their contractual obligations. In the circumstances of legal mechanisms’ ineffectiveness when protecting the interests of participants in transactions, the opportunistic behavior of economic agents becomes both possible and very beneficial for them, which leads to a wide spread of opportunism in contractual relations.
This article relies on the author’s data, as well as on the practice of interaction between economic entities of the Tyumen Region. The fundamental condition, which enables the widespread use of the institutional practice of an opportunistic (mined) contract, is the insufficient effectiveness of the judicial system and the mechanisms for protecting the rights of economic entities. The consequences of opportunistic behavior in a contractual relationship can be taken under control by third parties. The widespread occurrence of opportunistic contracts in the Russian economy has caused a reaction from the leadership of Russian companies in the form of extensive use of arbitration intermediaries as a mechanism for controlling the risks of contract implementation. Such a large influence of intermediaries on economic processes has led to a significant increase in transaction costs, and it has become an independent economic problem.