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With proper preparation, you will be able to negotiate terms and conditions of a contract that will meet the needs of both parties and ensure a long-lasting business relationship.
(1) Parties who are open with information and candid about their concerns. (2)A sensitivity by both parties to the other's needs. (3) The ability to trust one another. (4) A willingnessby both parties to maintain flexibility.
Follow these four tips for a smooth negotiation process:Do your research beforehand. Research your vendor, their industry and how the current economy has been affecting their business.Be flexible with what a 'win-win' looks like.Aim for honesty and transparency.Be prepared to walk away and keep searching.
Break the negotiation into parts.The "I'm only asking for what's fair" approach.The Getting to Yes approach.Take control.Prioritize, prioritize, prioritize.The "offer-concession" strategy.Question rather than demand.Find points of agreement and end on a positive note.More items...
Prepare for contract negotiation. Good preparation is essential for successful negotiation.Be professional.Understand your rights.Make yourself clear.Write it down.Seek advice if you're unsure.Get language help if necessary.Improve your negotiation skills.