Glossary of Negotiation Definitions

Glossary of Negotiation Definitions - Glossary of...

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Glossary of Negotiation Definitions Agent: A person who acts for or in place of another individual or entity as their representative in a negotiation with a third party. An agent, sometimes referred to as a third party agent, has full or limited authority to act on the behalf of the party they represent. Arbitration: A process to resolve a dispute between negotiating parties who have reached a deadlock in their negotiation. The parties in dispute are referred to a ‘third party’, which is one that is either agreed upon by the parties in dispute, or as provided by legislated law. The third party renders a judgment that is binding on the parties in dispute. Arbitration is often used in international negotiations and in collective bargaining. Aspiration Level: This is a realistic view of setting the highest achievable standard in terms of goals or objectives in concluding a negotiated agreement. BATNA: An acronym described by Roger Fisher and William Ury which means Best Alternative to a Negotiated Agreement. It is the alternative action that will be taken should your proposed agreement with another party result in an unsatisfactory agreement or when an agreement fails to materialize. If the potential results of your current negotiation only offer a value that is less than your BATNA, there is no point in proceeding with the negotiation, and one should use their best available alternative option instead. Prior to the start of negotiations, each party should have ascertained their own individual BATNA. Bargaining: A form of distributive negotiation. Bargaining is a simple form of negotiation process that is both competitive and positional. Bargaining predominates in one-time negotiations and often revolves around a single issue – usually price. One party usually attempts to gain advantage over another to obtain the best possible agreement. Bargaining Zone: Is the range or area in which an agreement is satisfactory to both parties involved in the negotiation. The bargaining zone is essentially the overlap area between walk away positions in a negotiation. See also "ZOPA" Coalitions: A temporary union between two or more individuals or groups for a common aim or goal. A relatively common practice utilized in multi party negotiations, it is used to gain advantage in the negotiation process. Collective Bargaining: A negotiation process that occurs between employers (or their representatives) and the representatives of a union to negotiate issues that consists of wages, hours of work and other conditions of employment. Normally results in a written contract that is defined by specific time duration – ‘life of the contract’. Common Ground: This term refers to the area of agreement or a basis for an understanding that is mutually agreed upon by all parties to a negotiation.
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Concession Strategy: Your concession strategy is a plan of the goals / positions and sometimes the underlying interests that you will be trading with the other party. Before you enter the
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This note was uploaded on 11/28/2011 for the course BUS 432 taught by Professor Earlhill during the Fall '11 term at Emory.

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Glossary of Negotiation Definitions - Glossary of...

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