We observe that trust is context sensitive: actors that may trust each other in one situation may not display the same level of trust in other situations, for example when different competencies are required. It is broadly agreed that trust is important in relation to collaborative ventures. In this paper we use the ARCON reference model as a framework to consider endogenous and exogenous aspects of trust important in the establishment, operation and dissolution of collaborative ventures. Some comments are made about the use of the model and some possible shortcomings are noted.