Negotiation

Definition: 

An interactive process between two or more parties seeking to find common ground on an issue or issues of mutual interest or dispute where the involved parties seek to make or find a mutually acceptable agreement that will be honoured by all the parties concerned.

In business, internal negotiations with colleagues are often as challenging as external buyer-seller negotiations. Negotiators usually seek an agreement on the exchange or sharing of products, services and to a lesser extent ideas. While most large companies sign contracts to formalise negotiations, most negotiations are agreed either without the use of contracts, or with the use of minimal or overly brief contracts.

Negotiations typically start from early exploration discussions and continue throughout the business relationship, long after a contract has been signed.


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