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

In the legal field, contract negotiation is critical for protecting client interests while securing fair terms. A lawyer might advise, 'During contract negotiation, it's essential to scrutinize every detail to prevent future disputes and ensure the contract is legally sound.'

Practice Scenarios

Tech

Scenario:

The software licensing fees are straining our budget. Perhaps we could reconsider our existing contracts.

Response:

I agree. It's time to start contract negotiation to bring down these licensing fees.

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.