Think about the last time you had to sign a legal document. Was it for a car loan or a mortgage, or some other buy-sell agreement? Or were you entering a contract in which you agreed on something – say, a work contract. Whatever the case and whatever the reason, there are elements of that process that were negotiated. If you bought a car, for instance, you likely discussed the rate and terms with the bank or the loan company and came to a mutually agreed on set of numbers that you both could live with. That’s the negotiation process.
Negotiation can take all different forms. It might be something as loose and informal as you discuss something over the phone or across a desk. But it can also involve lawyers and a more formal process that creates contracts hundreds of pages long. What do you need to know about negotiation? This graphic offers some insights.
Read more here – How Are Contracts Negotiated?