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definitions
definitions

Updated: 9 Aug 2019

Negotiation

[ni-goh-shee-ey-shuh n]

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

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, many negotiations are agreed without the use of contracts.

Negotiations typically start from early exploration discussions and continue throughout the business relationship, long after a contract has been signed. While many companies deliver sales training and contracts training for their teams, far fewer equip their teams with negotiation training.

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