This paper presents a mechanism of integrating the concept of reliability with trust management policy in the distributed scheduling algorithms. This algorithm focuses on the distributed computing systems involving collaborative computing. Trust management is achieved with the concept of bidirectional reputation points that are assigned to resource providers and resource consumers. Moreover, concept of reliability is also used to ensure failsafe execution of the processes. This is a generalized mechanism that can be integrated with existing distributed scheduling algorithms used in collaborative computing environment viz. Grid computing, cloud computing, peer-to-peer computing etc. Extensive simulations were performed to test the applicability of the mechanism. Our results confirm that the proposed method significantly reduces the number of failures as compared to a distributed scheduling algorithm implemented without reliability and trust management policy.