[rez-er-vey-shuh n] [prahys]
The reservation price is the least favourable point at which you will accept a negotiated agreement. For example, for a seller this means the least amount (minimum) or bottom line they would be prepared to accept. For a buyer, it would mean the most (maximum) or bottom line that they would be prepared to pay. It is also sometimes referred to as the “walk-away” point.
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Having good options available before you start negotiating is best practice. You'll feel empowered and confident to either reach a mutually satisfactory agreement, or walk away