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The Art of Contract Negotiation Technique !!

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The Art of Contract Negotiation Technique !!
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Praveen Gurwani
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Wink The Art of Contract Negotiation Technique !! - November 14th, 2006

Dear All,
Negotiating on anything is always a skill, an art on anyday.

On this theme, I am posting an article, written by Virginia Franco.

Hope you all will like it.

Wishing you a great weekend, full of re-energizing.



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How to contract negotiation technique: get your point across while respecting the boundries of others.

In the art of negotiation, whether it is business or personal requires planning and execution. Unlike toddlers, who negotiate by crying and rolling around on the floor, adults need to employ a different skill set to get their point across. The following are some tips for successful negotiation.
Before the meeting be well rested and well fed- also visit the restroom before “entering the arena” as you don’t want a nature call to have you leave the room or adjourn the meeting early.

Wear comfortable, yet appropriate clothing- the commercial __expression “don’t let them see you sweat” is never more applicable. A tight collar and or tie or a skirt that is being hitched or hiked that will cause you to fidget will detract from your image.

Focus on issues, not personalities- if you have to deal with persons you don’t like (or those you do like) it is tempting to let your thoughts about that person influence your behavior. Focusing on your goal and treating everyone as an equal will help matters become resolved in your favor. By treating all fairly you will avoid simmering about grudges or worrying about feelings, which can be an obstacle in your success.

Speak in supportive statements- Attach credibility to your statements by speaking in facts not feelings. Avoid sentences beginning with “I think” “I feel” or “In my opinion”. When stating facts, be prepared to quote your sources and elaborate or deflect questions meant to deflate your position. Being armed with facts stands up better than trying to justify feelings.

Listen (with more than your ears)- Listen for audible content but also watch the body language. Are your opponents sitting with an “open” body posture or are their arms tightly folded across their chest? Are they scratching their nose often in disbelief? Are they looking down or are they engaging you with their eyes in a game of “blink” to establish who is boss?

Find points of agreement to build on- pick up points that you agree upon and incorporate them into your presentation. An example would be “I agree with you on the importance of XYZ, and this is how the implementation of PDQ can benefit XYZ".

Choose your battles wisely and place some “decoy” items on the table- a trick popular with attorneys is to ask for much more than you want so that you can “sacrifice” superfluous or unreasonable items to gain ground for the important issues. Compromise with care on items important to you. Weigh carefully whether holding out will be in your best interest. Sometimes a speedy resolution isn’t the best.
Take minutes- Have someone tape or take minutes so that all that has been said is recorded. Reiterate that your responsibility will be and that you will execute your part right away. If in a business meeting you can end by saying “I will have this in a memo to distribute this afternoon” or “I will make the necessary phone calls to get this rolling right away”. If contracts are involved, have them ready on the spot or as soon as possible to get a signature to what has been agreed. Although most contracts have a “cooling off” period of three days or so, getting a written commitment to your settlement brings you that much closer to your goal.

End on a positive note - Shake hands and smile. A smile shows friendliness and confidence and that you are a great person to do business with, even if everyone in the room wasn’t altogether pleased with the outcome. Conversely, if you did not get all you wanted, don’t appear a bad sport. Focus on your “wins” and play down the losses. Take honest notes to yourself on your tactics and see how you can improve for next time.

Written by Virginia Franco
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Re: The Art of Contract Negotiation Technique !! - November 15th, 2006

Surely some gr8 pointers for all the budding entrepreneurs... Keep it up !!


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Gaurav Mittal



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Re: The Art of Contract Negotiation Technique !! - December 2nd, 2006

These days, negotiation techniques are very important.....It has become a very important part of all trades.....whether it be between businesses or just between a customer and "bhajiwala"........The document is really helpful for management students....Keep it up!!!
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Re: The Art of Contract Negotiation Technique !! - December 2nd, 2006

the art of negotiating is common but is not effective everytime...this points can really help us in becoming a good negotiator.............
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Hemang Italiya
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Re: The Art of Contract Negotiation Technique !! - December 3rd, 2006

well there are sum DO'S & DONT's while nagotiating go through this u will get the technique right


Remember!

• Present and maintain a professional attitude.
• Control stress and tension.
• Avoid politics and egos.
• Take time to gather all facts and requirements beforehand.
• Meet with the proper hotel or site people who have the authority to make decisions.
• Know all the following Do’s and Don’ts.


DO

• Define the purpose and objectives of the meeting.
• Know the event.
• Have printed copies of meeting plans available.
• Make key contacts in all services and sites.
• Follow up frequently.
• Obtain peer referrals.
• Contact union stewards before an event at a union venue.
• Communicate with clarity and outline everything in writing.
• Make all agreements part of the written contract.
• Possess the authority to make a decision (or sign a contract).
• Possess the authority to make a decision (or sign a contract).
• Be ethical.
• Ask questions.
• Listen and pay attention.
• Minimize all distractions.
• Verify all legal clauses of the contract with an attorney.
• Know the budget.

DON’T

• Sacrifice quality for cost.
• Make unreasonable demands.
• Insist on being the final authority.
• Be inconsiderate of a supplier’s profit margin and business needs.
• Escalate and overestimate needs.
• Hesitate to ask questions.
• Be apprehensive about negotiating for everything required.
• Promise what cannot be delivered.
• Lie or misrepresent.
• Jump at the first offer.
• Pass up a good deal based on a personality conflict.
• Be intimidated.
• Hesitate to advise the facility of changes
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Julie Smith
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Re: The Art of Contract Negotiation Technique !! - May 30th, 2013

Wow.. great techniques and tips for contract negotiation. Thanks for sharing.
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Re: The Art of Contract Negotiation Technique !! - July 11th, 2013

Wow.. great techniques for contract negotiation. I am working on project management and this is going to help me hugely! Thank you so much!!
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