Value formation can be studied by using valuation inquiries and their pragmatist related concepts as a theoretical background. This approach, shifting the focus from value to valuation practices and valuing, provides insights about value management in business relationships. Articulation between strategic and operational levels, valuation practices and related management framework of a buying firm are examined in relation to value assessments, in an on-site industrial subcontracting context. Following an abductive reasoning and a case study approach, qualitative modeling and focus groups were used to analyze the structuration of a subcontractor relationship and the related valuation inquiries. The main contribution consists of a relationship value model based on relatively stable valuation practices rather than fast changing value goals and assessments, simpler and more accurate while respecting complexity of heterogeneity of relationship value’s reference objects and diversity of actor’s subjectivity and goals.
