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Take minutes- Have someone tape or take minutes so that all that has been said is
recorded. Reiterate that your responsibility will be and that you will execute your part
right away. If in a business meeting you can end by saying I will have this in a memo to
distribute this afternoon or I will make the necessary phone calls to get this rolling right
away. If contracts are involved, have them ready on the spot or as soon as possible to get
a signature to what has been agreed. Although most contracts have a cooling off period
of three days or so, getting a written commitment to your settlement brings you that much
closer to your goal.
End on a positive note - Shake hands and smile. A smile shows friendliness and
confidence and that you are a great person to do business with, even if everyone in the
room wasnt altogether pleased with the outcome. Conversely, if you did not get all you
wanted, dont appear a bad sport. Focus on your wins and play down the losses. Take
honest notes to yourself on your tactics and see how you can improve for next time.
Negotiating Tips
Certain fundamental strategies will assist you in the day-to-day negotiation that all
businesspersons perform, in contracts and other business transactions. The following are
a few suggestions to get you started on the road to effective negotiation tactics.
You should always have clear objectives. It helps to make a list of goals before
meeting the other party.
It is important to go to a negotiation having done your research. Know relevant
law, facts, and figures.
Consider what you really need to get from the other party, and also decide in what
areas you are willing to compromise.
Build trust with the other party. Trust will aid communication.
You may want to have a first draft of an agreement written before meeting with
the other party.
Try to keep the discussion ordered when meeting with the other party. Make a
checklist of topics that should be reached during the negotiation.
Listen to the other party and their concerns.#
Make sure all party names are accurate. Include their business titles if
applicable.
A contract should be consistent in its tone, grammar, word usage, and
abbreviations.
Outlining the contract can aid clarity and allow for quick reference to certain
clauses.
Define important terms.
Anticipate litigation by including sections regarding venue, choice of law, and
attorney fees.
All parties should sign the contract, including business titles if applicable.
Pages should be numbered. Avoid the appearance that pages could have been
added after the agreement was signed.
As with any business writing, proofread very carefully.
Termination Clauses
A major sticking point in negotiations may be contract provisions that protect you against
losses in the event of contract termination. Since September 11, the threat of a terrorist
attack can scuttle travel plans to troubled destinations. You ought to be able to cancel
your meeting and terminate contracts without liability, and you ought to be able to get a
refund on advance deposits.
A force majeure clause spells out the circumstances civil strife, terrorist attacks, and
other occurrences beyond the control of either party that allow you to terminate the
contract without either party being liable. An Act of God clause covers hurricanes and
other natural disasters. A separate clause should specify when deposits are refundable.
Negotiation Basics
Do:
Do your homework
Research online and talk to others who have been to the destination.
Cultural differences can impact what you get, when you get it, and how much you
pay for it.
Obtain insurance
Make sure your organization is ensured for losses outside the United States.
Don't: