What are the best practices for securing a contract?

2 Do your homework

Another key step in contract negotiation is doing your homework on the other party. You need to understand their needs, motivations, constraints, and preferences, as well as their past performance, reputation, and credibility. You can gather this information from various sources, such as their website, social media, reviews, testimonials, referrals, or previous contracts. Doing your homework will help you tailor your proposal, identify potential areas of agreement or conflict, and anticipate their objections or questions.

4 Communicate clearly and confidently

Communication is essential for any successful contract negotiation. You need to communicate clearly and confidently what you want, why you want it, and how it benefits both parties. You also need to listen actively and attentively to what the other party wants, why they want it, and how it affects them. You need to avoid ambiguity, confusion, or misunderstanding, and use simple, precise, and respectful language. You also need to avoid being aggressive, defensive, or passive, and use assertive, constructive, and collaborative communication styles.

5 Be flexible and creative

Contract negotiation is not a zero-sum game, where one party wins and the other loses. It is a collaborative process, where both parties try to find a mutually beneficial solution. This means that you need to be flexible and creative in your approach, and willing to make concessions or trade-offs that do not compromise your core interests. You also need to explore different options and alternatives that can satisfy both parties' needs and expectations. You need to avoid being rigid, stubborn, or unrealistic, and use problem-solving, brainstorming, and win-win strategies.

6 Confirm and sign the deal

The final step in contract negotiation is confirming and signing the deal. You need to make sure that both parties agree on all the details and terms of the contract, and that there are no gaps, errors, or inconsistencies. You also need to review the contract carefully and thoroughly, and ask for clarification or modification if needed. You need to avoid signing the contract without reading it, understanding it, or verifying it. You also need to keep a copy of the contract for your records, and follow up on its implementation and evaluation.

7 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?