The notion of outcome-based contracting originated from manufacturing and has evolved as one of the most desirable business models in service science. Although previous Information Systems (IS) studies have glimpsed the role of outcome-based contracting as a driver for system thinking and value co-creation, there are not many studies that examine fundamental issues arising from an outcome-based contract for IT outsourcing. This manuscript serves as an extended abstract to report on the initial stages of a comprehensive study which aims to examine strategies involving IT outsourcing contracting.