The first step to draft a contract is to know where you and the other party to the contract stand, to achieve this end you need to participate contract negotiation sessions.
Contract negotiation sessions are when and where the basics of contract and parties contractual obligations take form, so while the outcome of this meeting may not be legally binding as no agreement has been reached and no deal has been made, contract negotiations set foundations for the contract and it is important to attend them with proper knowledge in regards with the contracts and what we want to achieve by signing it.
Remember that contract negotiation is not a mean to bleed your opponent dry it is to help you and the other party to reach a profitable and reasonable agreement , in order to do so you need to follow the below steps:
- Prioritize your goals :
Be sure of your objectives and make sure to prioritize them.
- Define your standards :
Make sure the other party knows and understands your standards make sure to express them and emphasize on them.
- Know when you have to walk away:
In case that the other party refuses to meet a certain standard make sure to walk away or at the very least make sure that it’s a deal breaker.
- Make sure that you can understand the other party’s situation :
Contract negotiations are to set foundation for a contract and possibly a new business you are not there to defeat the other party! You attend a contract negotiation to make sure that you reach a certain understanding and avoid future conflicts.
Why do I need legal advice?
As it is with drafting a contract to negotiate one you need to have a proper understating of different contracts, contract clauses and possible legal regulations in regards with each contract, it is a professional’s job to guide you and carry on with negotiation without having a legal team at your side you can easily agree to something that is not in your benefit or contradicts what you had in mind when you started the contract.