Commercial negotiation

 

Often, negotiations will one of the most important aspects of running your business. To get the best deal from your suppliers and other partners, you will need to hone your commercial negotiation skills.

Prepare yourself

Before you begin, it is important to understand your own position. Look closely at what your business can and cannot offer as part of the negotiation you are entering into.

Consider the all the implications of the deal being proposed, ask yourself what the legal, financial and procedural consequences will be, both in the short and long term.

Consider what options are open to you and be prepared to compromise. It is rare that you will come away from the negotiations with precisely the deal you were looking for.

You may wish to consider taking additional legal advice to understand how the compromises you might have to make could impact on you or your business from a legal perspective.

Take advice

If you are inexperienced, it is important to seek advice as early as possible. Even if you have been in business for years, a fresh pair of eyes and a fresh perspective can make an invaluable contribution to a deal.

Engaging a specialist commercial solicitor will ensure that that your negotiations proceed as quickly as possible.

Sometimes businesses will even use their legal representative as their commercial negotiator. If you intend to use your business solicitor like this, ensure they are properly briefed with detailed information about what you are prepared to give during the commercial negotiation.

Your solicitor can also bring their knowledge to the negotiations and often suggest alternative tactics that may deliver a better result than you were expecting.

If you intend to conduct the negotiation yourself, you should still make sure you have a thorough understanding of the tactics you will use.

Research the person or business you will be negotiating with. This will give you an insight into the kind of tactics that have the potential to deliver the outcome you are looking for.

You should also take into account the complexity of the negotiations. If the potential deal involves complex topics such as real or intellectual property, getting proper legal advice will be crucial to ensuring your rights are properly valued and protected.

You can learn more about these specialist fields by visiting our pages on intellectual property and real property law.

If you would like to obtain legal advice about commercial negotiating, Contact Law can put you in touch with a local specialist business solicitor free of charge. So, if you have any questions or would like our help in finding local business solicitors please call us on 0800 1777 162 or complete the web-form above.

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