It is a common tactic before reaching any business agreement; negotiation takes place. Negotiation usually takes place in the presence of different individuals and further puts the details in writing Michael e Weintraub Esq.
Michael E Weintraub Esq suggests that if you are a beginner at negotiations or need newer ideas, it is best to check some negotiation strategies with an attorney that might give you the best deal you need. Although there are various books on negotiation strategies, most of these strategies are silly. For instance, some people suggest that providing the other party with MSG and some caffeinated drinks can affect them to give in to your deal because of the daze of the drug. A few different tactics involve devious plans and are at risk of backfiring.
Below are a few negotiation strategies by an attorney that may be common but have proved to work the best.
Start your negotiation broken into various sections
Few contracts never make it because negotiations with other parties begin with an “everything or nothing” tactic. Here the second party either has to agree to all the terms or let the deal go. A better idea to manage this block is to break down the negotiation into parts. You need to categorize your negotiation and then agree on each section individually. Breaking your negotiation into pieces will make it seem like the contract is reaching a solution rather than being annulled. You need an attorney here to frame it adequately.
The justified approach
The justified approach emphasizes one party’s demands according to the market stands and considers industry prices. Michael E Weintraub Esq points out that this kind of approach releases you from explaining or negotiating your demands. You must emphasize standard industry terms, the responsibility shifts, and the other party must convince you of an exception in the contract. An attorney can help you compromise on the words without loss.
Lead the negotiation
Lead the contract if you are in charge of handling the timing. Location, topic as well as negotiation, you better believe that you are in an advantageous position. For instance, attorneys frequently believe that the contract driving seat is in the lawyer’s hands drafting the agreement. In a similar context, if you control the negotiations, you also benefit from deciding the topics that need discussion.
A few times, negotiation parties take a passive tactic to hold control, for instance, acting as moderators for the deal or simply providing a summary of the position of the agreement. It does not matter how things come under control, but the party that shapes the understanding has greater control over the solutions of the problems. Therefore your attorney can frame the contract in a manner that gives you a lead, says Michael E Weintraub Esq.
Contract negotiations usually put more emphasis on the risks and the revenues that they might bring. However, specific changes and particular revenue parts are of more significance to some. When you are negotiating, you should be aware of what your priorities are. Typically, deals prioritize the business portion or the money.
Prioritizing the opportunities that a deal may offer can help you achieve the price and prevent you from getting attacked by issues that are not of priority. Only a reasonable attorney can help you come up with successful contract negotiation.