Techniques are provided for dynamically establishing and managing trust relationships. A first principal initially requests a community list. The community list includes identities of one or more second principals with which the first principal can establish trusted relationships with. The community list is associated with a trust specification. The trust specification defines the policies and access rights associated with interactions between the first principal and the second principals during any active trusted relationships. The first principal can dynamically subdivide, manage, and modify entries of the community list and the trust specification, assuming any such modifications are permissible according to global contracts and policies associated with the first principal.