Much of the recent literature on interfirm relationships has focused on strategies for controlling opportunism. Somewhat surprisingly, little attention has been paid in this literature to the opportunism construct itself. Specifically, prior research has failed to recognize the different types of behavior that are hidden behind the general opportunism label. As a consequence, the knowledge of strategies for managing opportunism remains incomplete. The authors review the original and emergent conceptualizations of opportunism and illustrate them using actual industry cases. The authors also develop a conceptual framework of governance strategies that can be used to manage different forms of opportunism.