(Four Minutes Read)

The true essence of contract negation is ironically captured in the popular movie: The Blacklist, where the Lead actor Mr. Reddington compared negotiation to the art of tango ‘ ….They size each other up: assessing risks, setting boundaries……nothing giving that is not earned. Nothing taken that is not given. This is the pure essence of negotiation.’

Starting a company or business is an exciting venture, but it can also be an overwhelming experience. So many negotiations to be made, so many contracts to enter into either impliedly or expressly. There is no way a business or start-up can escape negotiation or contracts, the earlier you understand the art of contract negotiation the less headache in the long run.
Contract negotiation is more of an art than science, it is more of timing and precision and it need not be a guerrilla warfare ( although there are many exceptions).
Negotiation is a stage that proceeds the final draw up and signing of the contract. Knowing what to hold on to and to let go without emotion might make the difference. I wouldn’t advocate for a commando like approach to contract negotiation because more can be gotten from negotiating with an open mind than with a closed mind; but not always though.

The following might be helpful in your negotiations:

1). Preparation! Preparation! Preparation!

In negotiating a contract of any kind except the contract is trivial, you must understand that "Information is key". Be prepared with all the neccassry and right information, statics and figures.
The information you know can change the negotioation in your favour or against you. It can give you the needed leverage to negotiate from a position of strength. This cannot be overemphasized; it is the first rule, foreign diplomats abide with, when negotiating any policy or law.
Know the other party; Indians shake their heads side ways, which signifies "Yes or that they agree" such gesture means ‘NO’ in Nigeria. These preparation is vital....

Read the rest: Visit www.legalify.ng




Feel free to drop feedbacks and comments, or contact me with suggestions for topics you’d like to see written about — using our handles.

Follow us on Twitter : @LegalifyNg
Like our Facebook page: Legalifyng
www.legalify.ng