Practical Legal Tips

Know Your Limits Prior to Negotiating Your Contract

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I watch clients give concessions on business deals because once they begin negotiating they want to get a deal done. Its critical to initially plan prior to the negotiation what your bottom line is on critical terms such as price or exclusivity versus non exclusivity.

This is especially important when you deal with a person who is difficult and intentionally pushes on every issue in the hope you concede on as many terms as possible to preserve the deal. Understanding your bottom line going into the negotiations is essential to knowing when you have to tell the other side its time to take it or leave it.

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