when transactions begin to move away from agreement, costs of adjusting to this drift
are incurred. Furthermore, bargaining costs result when bi-lateral negotiations are
engaged in situation where the ex post outcomes differ from ex ante agreements.
Correcting this outcome incurs further bargaining costs. Finally, there are set-up and
running costs of the governance structures to oversee agreements, as well the costs
that occur to secure future commitments and bind the participants into these structures
(Williamson, 1985).