Abstract
Elasticity offers contractual parties the linguistic space to manage the unknown. While this has historically operated as a powerful tool in negotiation, elasticity has also behaved as a double-edged sword. That is, elastic language facilitates the present, but does not account for the future. In this article, we consider that by understanding the role of vagueness in contracts, and in effect, making the implicit explicit, it may be more rewarding strategically for contractual parties in the long term. Specific to the context of reinsurance, we notice that elasticity may be regarded as a mirror to negotiation dynamics, traceable by the linguistic complexity of contractual clauses. Therefore, a determination of elasticity, through a diagnostic tool, can offer insights to enable for more intentional drafting and certainty at the contract performance stage.
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