CONTRACTS + RISKS +MANAGEMENT = CONTRACTUAL RISKMANAGEMENT

Proactive contracting and risk management have become an important part of the new vocabulary of commercial contract law books and courses for contracting professionals, for example in Finland, during the past few years. More and more often one even stumbles over the term “ contractual risk management” in such material but very seldom does one find a definition of that term. I claim that the lack of definition(s) of this term in most of the current literature dealing with this subject is due to varying conceptualizations of the underlying interplay between contracts, risks and management. Therefore, the goal of this paper is to discuss the different conceptualizations of that interplay. I will also present my prediction over the future development within the field of contractual risk management and my model for the governance of such future.