![]() ![]() ![]() While businesses must negotiate and manage a spectrum of agreements ranging from vendor contracts to employment contracts, we’ll focus here on agreements between businesses.Ĭontract negotiation is the process by which two or more businesses reach an agreement for the provision of specific goods or services on terms that are mutually beneficial for all parties involved. In particular, we’ll look at how to get the most out of negotiation by starting each contract with an optimal first draft. Here’s a conceptual framework for how companies negotiate business contracts, and how effective contract management makes you a better negotiator. However, you don’t want to wait until you’re trying to make real business deals before you start developing those crucial business skills. Business law classes focus on corporate legal structures, court cases, and regulations.Īside from some workshops and the occasional clinical course, lawyers and other business professionals typically have to develop contract negotiation skills on the job. Law school teaches students what constitutes a contract, but there’s often little in the way of structured negotiation training. ![]() Courses on corporate law and operations can provide useful analytical frameworks for attorneys and procurement professionals, respectively, but they generally don’t teach anything about one of the most fundamental parts of business: negotiation. ![]()
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