This study aims at conceptualizing the different outcomes of inter-cognitive representations, such as manifestations of agreements between business actors, legally binding contracts, and industry standards and regulations which are developed through interactions between actors in business networks. Inter-cognitive representations inscribe shared understandings and thus prove an objectified basis for further interactions within the business network. To advance the study of inter-cognitive representations in business networks, we develop conceptual framework that integrates two conceptual dimensions, namely, 1) ‘shared understanding of rules’ and 2) ‘interaction among interdependent actors’. The framework allows us to formulate four theoretical propositions that provide alternative hypotheses, which deserve further research and empirical testing.