How NOT to Waste Time while Negotiating Contracts

Eighty percent of your time is wasted while negotiating contracts. This is commonly experienced when both are in disagreement with the terms and conditions stipulated in the contract. The negotiation phase  is a gruelling process that both consumes time, energy, and can impede the developments of your other projects.

Negotiations are tough and even a well seasoned CEO often leaves the negotiation table feeling unaccomplished and frustrated. In order to achieve a favorable result in negotiating contracts, you need to develop skills that are fit for the job. You need to learn certain techniques that will help you avoid wasting time while negotiating contracts.

 

11.4-How not to waste time

Here are some tips that will guide you to minimize time-wasters while you negotiate contracts:

Know what you want and what they want

A contract is an agreement between two agreeing parties. If you do not know what you want and what the other party wants, tendency is you will encounter several revisions that will prolong the process of nailing the deal.

Before entering into a negotiation, sit down and think what your priorities are and what the other side wants. It is ideal to draw a priority map, this will help set the foundation of the negotiation process that will quickly finish the negotiation.

 

Be Mindful of Deadline

Dwelling much of your time in a certain contract does not give you much benefit specially when you have other projects in line. Know what the pressure are, your stand and the possibility of cancelling the deal.

 

Create a Win-Win Situation

If you have several competitors over a certain contract that you are pursuing, one way to convince the other side that they should award the contract to you is by creating a win-win deal! A win-win deal implies that you and the other party benefit from the deal. You have to establish what you can offer and what are the benefits they can get from your offer.

 

Know When to Surrender

Negotiations would sometimes lead to a better ending. You should weigh whether or not you have a chance in getting the contract or not. Do not get caught up with just one contract and leaving other things behind.

As a professional, you should know your priorities. Consider creating a priority map and a calendar of all your deadlines. Always keep on track of whatever you do. Remember that the best way to avoid wasting time while negotiating your contract is that you should know your priorities.

Get to know more about the commonly overlooked details in a contract

 

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