Contract Negotiations

Name: Contract Negotiations
Author: Michele Hagan

Learn to negotiate a contract

Preview the first lesson free — get full access to all 3 lessons.

Course: On-Demand

What's the best way to carry out contract negotiations? In these lessons, you'll learn how to properly prepare and carry yourself during the actual negotiation and what you should do when you want to make changes to the contract. The key to successful contract negotiation is to be prepared before you contact the other party. In other words, do your homework. Make sure you make a complete review of your contract so that you're ready to effectively and successfully get what you want. Don't be caught off guard or unprepared to negotiate your contract's terms. Preparation includes not only understanding every word of the contract, but also identifying your must-haves. These are the terms you must have in order to agree to sign the contract. Not only should you make a list of your contract must-haves, you should also do the same for the terms that you're willing to compromise on. For a new job, your must-haves could include reimbursement of your moving expenses, sharing a patent on the products you design at work, or having your employer cover the costs of a work laptop or phone. As an employer, you may decide that nondisclosure agreements are required from all employees, including consultants and vendors. As a business owner, your must-haves might be having the landlord cover the costs of the improvements to build out your office space. What if you're unsure about what parts of your contract should be your must-haves? Talk to other people in your field and find out some of their must-haves. You can learn what clauses they request and what's common practice in your industry. For example, you may discover that some stores mandate a 35% restocking fee on a product return, which is well above the 10% industry standard. Your preparation should also include identifying ways to get out of the contract. The same goes for knowing your options for recourse, should the other party fail to meet their obligations or violate the contract's terms. But your research shouldn't just be about writing your contract. You should also spend time researching the other party. If you can, find out what their must-haves are and how they negotiate contracts. Are they reasonable and willing to compromise or not? Call others who may have negotiated with the other party in the past and see if you can get any helpful advice about negotiating with them. Your contract success depends on what and how you negotiate, so be prepared to negotiate effectively.

Intermediate Provider : Michele Hagan 3 Lessons · 8m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

This module provides a basic introduction to contract negotiation tactics. It explores how to properly prepare for contract negotiation and outlines necessary steps for making changes to a contract’s terms.

What You'll Learn

Research and prepare effectively before entering a contract negotiation
Apply basic contract negotiation tactics
Focus on and manage your negotiation process
Make changes to a contract's terms in writing

Key Takeaways

Properly preparing and researching beforehand is a necessary step for contract negotiation.
Effective contract negotiation involves focusing on your negotiation process.
Changes to a contract's terms should be made in writing.
The module covers the steps for making changes to a contract's terms.

Frequently Asked Questions

What does this course cover?

This module provides a basic introduction to contract negotiation tactics. It explores how to properly prepare for contract negotiation and outlines the necessary steps for making changes to a contract's terms.

What will I learn in this module?

You will learn how to research and prepare for a negotiation and understand the necessity of making changes in writing.

What topics are included in the lessons?

The lessons cover preparing and researching, focusing on your process, and making changes in writing.

What skills does this course help build?

It builds skills in negotiation, business negotiation, contract negotiation, contract preparation, negotiation strategies, and negotiation training.

Is this course suitable for beginners?

Yes, the module provides a basic introduction to contract negotiation tactics.

Professional Certifications and Continuing Education Units (CEUs)

Society for Human Resource Management (SHRM®)

Professional Development Credits (PDCs): 0.25

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KnowledgeCity is approved by SHRM as a Recertification General Provider to offer SHRM-CP or SHRM-SCP professional development credits (PDCs). By taking the courses approved by SHRM, KnowledgeCity can award SHRM Professional Development Credits (PDCs) for HR knowledge and competency programs related to the SHRM Body of Applied Skills and Knowledge™ (the SHRM BASK™).