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Formal partnering aims to achieve mutual trust among all parties involved in a project. This collaborative approach is designed to foster open communication, enhance teamwork, and create a shared commitment to the project's success. By building mutual trust, all stakeholders, including owners, designers, and contractors, can work more effectively together, leading to improved project outcomes and increased efficiency.

In the context of formal partnering, the focus is on creating a collaborative environment where issues can be addressed proactively and solutions can be developed collectively. This not only facilitates better decision-making but also helps in resolving conflicts more amicably when they arise, significantly impacting project delivery and satisfaction.

In contrast, the other options do not align with the principles of formal partnering. Increased costs would be counterproductive and typically something a project seeks to avoid. Independent planning can lead to isolated decision-making and lack of alignment among stakeholders. Lastly, competitive disadvantages are not the goal of formal partnering; rather, the aim is to create a synergistic approach that benefits all parties involved.