The buyer-supplier relationship in a collaborative context has been extensively investigated by the academic community. In an environment of great uncertainty, collaborating to innovate has been an important alternative for companies. Observing collaborative relationships between the buyer and the supplier, this study aimed to assess the impacts of trust and the contract on innovation and satisfaction with the relationship, separately. To this end, a sample of 54 Brazilian companies, suppliers of an engineering company located in Rio de Janeiro, was used. A quantitative approach with a survey method was used for further analysis via multiple regression. The results of the study showed that trust positively influences innovation and satisfaction with the relationship and that the contract negatively influences innovation and satisfaction with the relationship. Academic contributions and managerial implications were elaborated, as well as limitations and suggestions for future research.