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How can you ensure fair and equitable contract terms?

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Contract negotiation is a vital skill for any professional who wants to achieve their goals and protect their interests. However, it can also be challenging and risky, especially when dealing with complex, ambiguous, or contentious issues. How can you ensure fair and equitable contract terms that benefit both parties and avoid disputes? Here are some tips to help you negotiate effectively and confidently.

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Gabriela Espinoza

Senior Legal Counsel
Karem Mahmoud

Director of Legal and Compliance || Empowering Organizations with Strategic Legal Counsel and Excellence

1 Understand your needs and priorities

Before you enter any negotiation, you need to have a clear idea of what you want to achieve, what you are willing to compromise on, and what you are not willing to accept. This will help you define your best alternative to a negotiated agreement (BATNA), which is the most favorable outcome you can pursue if the negotiation fails. Your BATNA will give you leverage and confidence in the negotiation, as well as a benchmark to evaluate any offers or proposals. You also need to understand the needs and priorities of the other party, and how they align or conflict with yours. This will help you identify areas of mutual interest, potential trade-offs, and sources of disagreement.

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2 Do your research and preparation

The more information you have, the better prepared you will be to negotiate effectively. You need to research the market conditions, industry standards, legal regulations, and best practices that affect your contract. You also need to prepare your arguments, evidence, and data to support your position and justify your requests. You should anticipate the possible objections, questions, or counteroffers from the other party, and prepare your responses and concessions accordingly. You should also prepare a negotiation strategy, including your opening offer, your target range, your walk-away point, and your contingency plan.

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Gabriela Espinoza

Senior Legal Counsel
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The first few minutes of a negotiation are of extreme importance and will set the tone for the whole process. Always prepare and be ready.

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3 Communicate clearly and respectfully

Communication is key to any successful negotiation. You need to communicate your needs, expectations, and interests clearly and respectfully, without being aggressive or defensive. You also need to listen actively and attentively to the other party, without interrupting or dismissing their views. You should use open-ended questions, paraphrasing, and summarizing to clarify and confirm your understanding of their position and concerns. You should also use positive language, body language, and tone to build rapport and trust with the other party, and avoid emotional or personal attacks that can damage the relationship and the outcome.

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Gabriela Espinoza

Senior Legal Counsel
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Always keep an unbiased perception of the negotiation and use active listening which is one of the greatest tools for a successful outcome.

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4 Be flexible and creative

Negotiation is not a zero-sum game, where one party wins and the other loses. It is a collaborative process, where both parties can achieve mutually beneficial outcomes. To do this, you need to be flexible and creative in finding solutions that address both parties' needs and interests. You should avoid rigid or unrealistic demands, and be willing to make reasonable concessions and trade-offs. You should also explore alternative options, scenarios, or arrangements that can create value for both parties, and avoid focusing on a single issue or aspect of the contract.

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Navinesh Sakthidharan

Legal Counsel at Euronet Worldwide | LLB, MBA
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It is crucial to ensure the firm you represent as a counsel is legally secured but always bearing in mind that terms agreed, negotiated must have an element of business flexibility. Legally risk vs Business risk - well balanced. A key to a good counsel.

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5 Review and confirm the contract terms

Once you have reached a tentative agreement with the other party, you need to review and confirm the contract terms carefully and thoroughly. You need to ensure that the contract reflects the verbal or written commitments made during the negotiation, and that there are no gaps, errors, or ambiguities that can lead to misunderstandings or disputes. You also need to verify that the contract complies with the relevant laws, regulations, and standards, and that it protects your rights and obligations. You should also seek legal advice or assistance if needed, before signing or finalizing the contract.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Karem Mahmoud

Director of Legal and Compliance || Empowering Organizations with Strategic Legal Counsel and Excellence
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Ensure that all stakeholders have collaborated, read and added their input into the terms of contract. Clear and collaborative review is key for smooth execution

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Contract Negotiation

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How can you ensure fair and equitable contract terms?

1

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3

4

5

6

1 Understand your needs and priorities

2 Do your research and preparation

3 Communicate clearly and respectfully

4 Be flexible and creative

5 Review and confirm the contract terms

6 Here’s what else to consider

Contract Negotiation

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How can you ensure fair and equitable contract terms?

1

2

3

4

5

6

1 Understand your needs and priorities

2 Do your research and preparation

3 Communicate clearly and respectfully

4 Be flexible and creative

5 Review and confirm the contract terms

6 Here’s what else to consider

Contract Negotiation

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