This Chapter explores the phenomenon of trust as presented inthe social sciences literature. It reviews the antecedents of trust and the nature of its development within relationships. The chapter further investigates the role of trust within the particular context of strategic alliances. The results of a qualitative case based research are presented in order to extend understanding of the nature and role of trust. Findings indicate the importance of trust, the significant role it plays in strategic alliance behaviour and highlight the role of trust as a risk reduction strategy in relationship initiation. The findings support the range ofantecedents of trust discussed in the literature and further support the notion of a multi level development of trust. The chapter contributes to the body of knowledge on trust through developing an extended model of the levels of trust and its related antecedents and drivers.