Negotiation is a key part of doing business in today’s world, and successful business negotiations are somewhat of an art form. It takes the perfect balance of finesse and the right knowledge to enforce your stance. The most important thing to know about negotiating is that it’s crucial you have legal counsel represent you, and that your attorney reviews any paperwork or contracts before you sign them. Here are some tips you can use to master the art of successful business negotiations by our experienced team of commercial attorneys in New Jersey.
The Importance of Legal Counsel in Business Negotiations
We said it once and we’ll say it again to make sure it sticks: You should always retain legal counsel when engaging in business negotiations. Even if you’re a seasoned negotiator with decades of experience, your lawyer has specialized expertise that will ensure you don’t run into any conflicts or issues down the line. They can also ensure all the fine print in the contract accurately reflects what you and the other party verbally agreed upon.
Developing a Negotiation Strategy: Ask a Business Law Attorney
At a high-level, smart negotiation strategy consists of the following elements:
- Do your research and prepare thoroughly
- Understand which alternatives you’re willing to accept
- Use clear and assertive communication
- Listen and show respect for the other party, and use the information they’re giving you to inform your responses
- Aim for an outcome that both parties are satisfied with
- Be patient and keep your emotions in check
- Be prepared to walk away
Common Legal Issues in Business Negotiations
Some of the common legal issues we’ve seen during business negotiations include the risk of fraud, misrepresentation, breach of contract, and, perhaps most often, the inability to agree on the terms and conditions. It’s imperative that both parties fully understand the complete contract and what is being agreed to, and it’s essential that both parties are acting in good faith and not taking any measures to misrepresent themselves and their true motives.
Overcoming Challenges: Proven Tactics for Dispute Resolution
Having legal counsel by your side during negotiations can help immensely with dispute resolution. Disputes are bound to happen from time to time, but that doesn’t mean things need to get ugly or uncomfortable. Many disputes can be resolved by bringing all the involved parties together to talk in person because that allows you to build a rapport with each other, and eliminate any opportunities for miscommunication and misunderstanding. So many things can get lost in translation if you’re emailing back and forth and it’s generally much more productive to have a face-to-face conversation. Be sure you take your lawyer with you to any in-person meetings to ensure everything is properly documented after the fact.
If you would like to learn more about successful business negotiations, or if you have any questions about how our experienced estate planning lawyers can help you, please contact our team at SCC Legal today and visit our website at: https://www.scclegal.com/