A contract is an important tool for organizations to obtain and sell resources, and its value is typically measured by the benefit acquired through the exchange. Viewing a contract only through this instrumental lens, however, leaves significant value unrealized. A contract is not just a tool for acquisition, but also a mechanism for governance, an instrument of coordination, and a relational lever to build trust and familiarity over time. The chapter identifies how organizations can use their legal knowledge of contracts to generate a collaborative advantage for both parties. The chapter will first explore how a contract can be a source of cocreated collaborative advantage. It will then show that contracting parties build trust by going through three levels of trust in order to have a trust-based relational contract from which significant value can be harvested. Finally, the chapter will examine how firms can preserve contractual value when trusting relationships are either limited or absent.