One thing most people can agree on is that contract negotiation is stressful, especially within business. That’s because there’s a lot riding on coming to a favorable agreement: successful negotiations can help boost company profitability and improve goodwill and collaboration between business partners. Successful contract negotiation is also key to reducing or mitigating many of business risks that can arise when you work with other parties.
But reducing contractual risk requires planning and preparation. In contracts as in life, it won’t be possible to eliminate all risks altogether – but the more informed and prepared you are as you negotiate the terms that will make up your contract, the better you will be able to prioritize your needs and come to an agreement that will best protect your interests.
Here are three negotiation strategies that can help to reduce your contract risk.Read More