Negotiating is an important part of doing business and naturally we want to get the best deal for ourselves. Therefore, it is necessary to learn as much as you can about a deal before signing on the dotted line. Whether you are dealing with a lengthy purchase or lease agreement to nondisclosure or employment agreements, you need to review and understand the dynamics of the deal before signing the contract. This will help you eliminate risk, avoid confusion, and prevent yourself from making a bad deal. These tips will help guide you in recognizing and understanding the dynamics of a negotiation.
Ask for Things in Writing
It is always important to have a negotiated deal presented in writing. This allows you to read over and fully understand each aspect of the deal. Unlike a verbal agreement, a written contract helps to eliminate misunderstandings and confusion by spelling things out more clearly. It also makes it easier to take your time considering the deal because you have all of the information presented to you directly.
Read and Understand Each Provision
Be sure to always read and understand each agreement and or provision and make sure it accurately reflects the negotiated agreement. You never want to sign a contract or agree to a deal without fully understanding every aspect of the negotiation. If there is anything that you don’t understand, this would be the time to ask for clarification.
Consider You Goals
Before agreeing to a negotiation, consider how well the deal meets your goals. Are you getting most of what you asked for? Are you comfortable with any concessions that were made? Do you feel confident that this is the best deal for you? Any skilled negotiator will enter into a negotiation with clear goals in mind so you definitely want to consider how well this deal aligns with those goals.
Don’t allow yourself to get carried along because you are anxious to close the deal. Likewise, don’t be held back by pessimism. Make a realistic and objective assessment of the deal before making any final decisions. It is important to think through every aspect of the deal and consider both the short term and long term effects before signing on the dotted line.