- Thinking the yard is fenced in Don't assume only a certain subset of resources or conditions can be negotiated. Get creative, and look for alternatives.
- Failure to study your opponent Don't fall into the trap of failing to study your vendor, their market and any other things that might influence them.
- Too aggressive Don't put the vendor on the defensive by attacking the negotiations too vigorously.
- It's all about price It's actually all about win-win. Look for items that are high on your list and low on your vendor's list and vice versa.
- Jumping too quickly Even if the opening offer is low enough to meet your needs, counter offer with something lower, or ask for something else. This will leave the vendor feeling good about the negotiations.
- Don't gloat No matter how good the deal is, never let the vendor know this as it may come back to haunt you later.
- Terminology not defined or understood Insist that any terminology that could possibly be misunderstood be defined in the contract.
- Inconsistencies within the contract Consider having a third party review the contract for inconsistencies.
- Concern in one area will be overridden in another area Do not allow any area covered by the contract to be weak. Every part must be solid for the contract as a whole to have strength.
- Avoid redundancies You may not think so, but lawyers may view the same thing that is apparently stated twice as being in conflict, and this could cause headaches in court.
Wednesday, April 28, 2010
Contract Negotiation Mistakes
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