You're starting a career in contract negotiation. What do you need to know first?

1 Know the basics

Contract negotiation is not just about haggling over prices or deadlines. It's also about understanding the legal, financial, and operational aspects of a contract. You need to know the basic elements of a contract, such as offer, acceptance, consideration, capacity, legality, and intention. You also need to know how to draft, review, and amend contracts, as well as how to avoid common pitfalls and mistakes. To learn the basics, you can take courses, read books, or consult experts in the field.

2 Develop your skills

Contract negotiation requires a set of skills that you can develop and improve over time, such as researching the parties, the market, and the industry, analyzing the strengths and weaknesses of both sides, communicating your interests and expectations clearly and persuasively, and using strategies and techniques to reach an agreement. To hone these skills, you can practice with real or simulated scenarios, get feedback from mentors or peers, or join professional associations or networks. With enough practice, you can become a master negotiator.

3 Know your industry

Contract negotiation is not a one-size-fits-all process. Different industries and sectors have different norms, standards, and regulations that affect how contracts are negotiated. For example, contracts in the public sector may have more strict and complex requirements than contracts in the private sector. Contracts in the technology sector may have more dynamic and innovative terms than contracts in the manufacturing sector. To know your industry, you need to research the current trends, challenges, and opportunities in the field, as well as the best practices and benchmarks for contract negotiation.

4 Know your value

Contract negotiation is not only about negotiating with external parties, but also about negotiating with yourself. You need to know your value as a contract negotiator, and how to market yourself to potential employers or clients. You need to showcase your education, experience, skills, and achievements in your resume, cover letter, portfolio, and online profile. You also need to prepare for interviews and tests that may assess your knowledge, skills, and personality. To know your value, you need to be confident, honest, and realistic about what you can offer and what you expect in return.