contract-negotiation

Vocabulary Word

Definition

'Contract negotiation' is the process of discussing and agreeing on the terms and conditions of a contract. Think of it as hammering out the details of a deal before signing it.

Examples in Different Contexts

Contract negotiation in business involves discussing terms and conditions to reach a mutually beneficial agreement. A CEO might say, 'Effective contract negotiation requires understanding both parties' needs and finding a common ground that maximizes value for both sides.'

Practice Scenarios

Legal

Scenario:

This draft agreement has some potential areas of dispute. We could aim for more explicit clauses to minimize risk.

Response:

We should proceed with contract negotiation to add clearer clauses and avoid future disputes.

Business

Scenario:

We require better payment terms with our suppliers. It might be time for a re-evaluation of our current agreements.

Response:

Let's initiate contract negotiation with our suppliers to revise the payment terms.