The Fine art of Negotiation and How to Make a killing Out of it?
Negotiation is a double-edged sword. The best can come out of it or either you will be stuck with some unfavorable terms until the termination. So yes it needs planning and preparations ahead before you and your team with the other party sit for negotiation.
You need to be both flexible and firm.
Negotiation is all about being open to accommodate and understand the other side of the party and also hold on to your core outcome you wanna see out of the negotiation.When willing listen to your opposite side requirements and reconciling to agree to it and at the same time not losing out on your criteria of stipulations is what negotiations are all about.
In Negotiations, Agree to Disagree till you both reach a mutual note.
The parties from both sides add include, exclude, strikeout until every legal word and line of the terma and conditions. Clauses should be in line with the accordance with the mutual agreement and final consent from both the parties involved.
Being courteous, polite and walkable.
A negotiation room can be a battlefield that you don’t have to cut to kill and real kingdoms are not at stake. Best of negotiations can be achieved only when all the involving parties are courteous and polite in their dealings of the negotiation. At the same juncture if you feel its completely going downhill and not something you had in mind, to begin with for a reasonable negotiation process you can walk out from the negotiation. You do not have to be a complete pleaser.
Bring in an expert to be your third–eye.
You know you could know everything and still miss something crucial or even basic at times. It happens to every human. Just have another set of eyes going through the negotiations so that in case any vital terms relating to the contract management have been made an oversight. Significant situations get saved by that extra pair of eyes when we miss out on details in most cases on plain sight.
Looking for a reasonable and fair outcome is the key to success.
Even at the outset having reasonable and fair expectations helps you deliver good contract negotiations. People don’t deal with when they feel they are having an unfair disadvantage over the other and at the end of the day, it’s not going to end up in a win-win situation for everyone involved with the.
There are four outcomes of negotiations you can experience:
When Lose-Lose happens both parties are not willing to agree to a conclusion and hold tightly to their preconceived notions for their outcome and disagree with everything laid out on the table for negotiation.
When Win-Lose is the scenario then one party sees to dominate over another party and look to gain the maximum advantages and related benefits to their side and the other party sadly tends to not accrue any merits onto their contracts.
Stalemate is the worst of negotiation. Things get worse and pushed further downhill than the already hanging by the thread good wills if any left of the outcome.
Win-win is the healthy negotiation scenario where both the involved parties work coherently with each other and striving for mutual agreements and make things work out in negotiations in favor of both sides.
When your negotiation acknowledges the above fine threads of finesse it needs along the process then your chances for win-win negotiations are possible and amazingly quick.