In recent years, decentralised collective bargaining has been increasingly discussed in Italy. The importance of collective bargaining is often questioned, but sectoral agreements have various purposes and the related bilateral bodies and funds are managed jointly by social partner organisations. In comparison with peak-level social pacts, it is a less visible kind of cooperation, but particularly relevant in times of crisis. The article deals with the activity of bipartite bodies and funds. The analysis shows that they perform remarkable functions and could develop further. However, some problems also emerge from the comparison with bilateral experiences in other countries.