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Using practice theory and an empirical illustration of reciprocal exchange of knowledge between resource-integrating actors, this paper contributes to Service-Dominant Logic by deepening the understanding of the innate intricacies in a co-creative practice of forming a value proposition. A co-creative practice is conceptualised as reciprocal exchange of knowledge that is mediated by the practice-related script – understandings, procedures, and engagements – that each resource-integrating actor draws upon. The paper identifies and labels the activities of this exchange – applying, assessing, adapting, and adopting – using the literature on knowledge creation and management as a point of departure. A granular analysis is provided of how the script of each resource-integrating actor mediates the activities of reciprocal exchange of knowledge when forming a value proposition.