174 Enterprise Project Governance Alliancing is a method of procuring and managing major capital assets in which the owner--or owners--and one or more service providers work collab- oratively as an integrated team to deliver a project. The contractual framework is such that the participants' commercial interests are aligned with the best interests for the project. Alliance contracting is characterized by key features that require the par- ties to work together in good faith, act with integrity, and make best-for-project decisions. The alliance participants work as an integrated, collaborative team and make unanimous decisions on all key delivery matters. Under alliance con- tracts, risks are jointly managed by the parties through mutually agreed-on risk-reward arrangements, as opposed to legal liability. What follows are the key features for Project Alliancing. Alliance Development Establishing the Alliance. In this early phase, the project owner selects