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definitions

Updated: 23 Dec 2019

Negotiation

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

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

In business negotiation, 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 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 negotiation training and contracts negotiation training for their teams, far fewer equip their teams with negotiation training.

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