Negotiation Flashcards
What is negotiation?
Discussions to reach a compromise or agreement. Parties agree, through a formal or informal negotiation process, to identify a resolution acceptable to all parties
What outcomes could indicate a successful final account negotation?
Both parties come away happy, the costs are agreed upon, and the project is within the clients budget
What key things do you need to think about before entering a negotiation?
To what level do i have authorisation to negotiate e.g. up to £250k
My (and my clients) red lines
Do i have the sufficient facts and information
The character of the person i am negotiating with
what i want the outcome to be e.g. cost targets
the areas where im willing to compromise
the structure of the negotiation e.g. in person or on teams
What is your negotiating style?
Largely depends on the situation, If theres a strong case for my client, I may adopt an assertive approach to get the best deal. however, I aim to be collaborative and endeavour to find a solution acceptable to all parties
What are the barriers to negotation?
lack of trust
Missing or inaccurate information
cultural differences
lack of emotional intelligence
communication problems
When faced with a challenging negotiation, how do you conduct yourself in a fair and professional manner?
I always stay objective and enter negotitions with the mindset of finding a solution
Always respectful towards the other party and endeavour to understand their position
I listen to their concerns and objections, then counter them with answers to prevent doubt
Give an example of a successful negotiation
Final account on Borough High Street
What is a ‘without prejudice’ offer?
A partys admission to something can be used against them in court. A without prejudice offer means that statements are made in a genuine attempt to settle a dispute cannot be used in court as evidence against the party that made them
