Ensuring the continuation of strategic alliances is challenging particularly due to the inevitable presence of relational risks and inter-partner uncertainty that may discourage firms to accept becoming vulnerable to their partners’ actions. Rendering oneself vulnerable, however, is critical to establish and maintain the smooth functioning of an alliance as well as realizing the fruitfulness of exchanging strategically important resources with firms that may have partially conflicting objectives. While prior research has provided rich insights into the efforts of the focal firm to manage and control the partner (e.g., by relational and contractual means), less light has been shed on the“relationality” aspect of strategic alliances and vulnerability management as an interactive accomplishment. This chapter aims to advance the understanding of how firms can cope with vulnerability in strategic alliances. From a social exchange perspective, we suggest that firms can cope with vulnerability by establishing and relying on social norms, such as reciprocity and altruism. Furthermore, building on the Derridean notion of conditional and unconditional hospitality, we suggest that the cornerstones of reciprocity and altruismare associated with the firms’ engagement in different forms of hospitality. Finally, we construct an integrative model proposing blurred hospitality as the synergy that emerges when firms simultaneously engage in conditional and unconditional hospitality and discuss how this synergy facilitates coping with vulnerability effectively.