Contract negotiating strategy

Contract negotiating strategy - WASTE LESS TIME AND BETTER...

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WASTE LESS TIME AND BETTER DEALS. 1. Information is power. If you don’t know what you are attempting to accomplish, it is virtually certain you won’t get there. Often, you aren't just negotiating for a good price, but adequate quality dates that need to be met and as little aggravation as possible. Before entering into a negotiation, sit down and think about -- and if it helps, write down -- what you seek to accomplish and prioritize your needs. The other side has needs, too. They want what you are selling. They may want your endorsement, they may want credit for the deal, and they may need to hit a certain commission threshold. If you know both what you want and what the other side wants and can map priorities, it sets a negotiation foundation that should get to an acceptable agreement more quickly.
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It does you no good to negotiate a contract if you fail to meet deadlines for either the negotiation or for the delivery date. Know what the pressures are and who is under them to help you avoid being put at a disadvantage and having to renegotiate the deal. Look for leverage, and not just your own. Where does the other side have an advantage? Where do you? These will be tools that you will use, or have used against you, during the negotiation.
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Where are both of you most exposed? Be careful here, though, because if either side is too aggressive with a critical weakness, it can cause the relationship (or the partnership) to fail. This also might suggest that the other side can’t actually perform under the agreement even if favorable terms are reached. If that is on your side, it might suggest a job change.
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What might a win/win deal look like? You are not obligated to create such a scenario, but if you know where the line is, you can make sure you don’t drift the wrong way over it. On the other hand, there are negotiators that believe that the only way to win is for the other side to lose. That might not be a negotiation in which you want to take part. 2. Negotiating from strengths. Now that you have a basis of information from which to work, craft a plan to negotiate from your strengths and against their weaknesses. Make sure that they, not you, are under time constraints. In Asia, a common practice is to wine, dine and entertain until a few hours before the opposing
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Contract negotiating strategy - WASTE LESS TIME AND BETTER...

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