The Negotiation Engagement How to Gain the Opening Edge
Starting a Negotiation
A negotiation ensues when one party believes that a transaction with a second party has the potential to create mutual benefits. The process starts when one side reaches out to the other with a conversation and a document to determine the level of interest. This can be a letter of intent (LOI) or a memorandum of understanding (MOU). These documents contain detailed descriptions of the main terms with no vagueness or ambiguity in the wording. The main terms are called the pillars of the agreement:
• Product or service
• Length of agreement
• Geography
• Payment terms
A good business practice is having two other types of agreements signed before sending or ...
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