Successfully negotiating a business contract requires you to have a strategy. However, even with the most refined strategies, you may still need to compromise on the things you want.
When you know how to negotiate you may have better chances of developing an agreement that provides optimal benefit for your company.
You can prepare for contract negotiations in several ways including the following:
- Research the other company’s strategies, interests, products and services
- Learn about other contractual relationships the company has
- Consider ways to align your interests with theirs
- Know about any cultural differences
- Determine your strengths and weaknesses
- Rank the importance of your interests
These methods of preparing can help you come with clear expectations so you can maximize the value of your time. Additionally, coming prepared can show your seriousness about developing an agreement that works for everyone.
There is rarely a contract negotiation that does not require someone to give up something they want. Bearing this in mind, determine some probable tradeoffs that will not require you to give up too much. According to Harvard Law School, know which factors you value most and which the other party values most. If you feel that an agreement on certain aspects is unlikely, consider negotiating a tradeoff that plays to something the other party values. In exchange, you can present a tradeoff that plays to something you value.
Developing a contract you benefit from is something an attorney can help you with. Working with a legal professional can also help you have peace of mind that your contract meets all of the legal requirements to protect you in the future.