Friday, October 8, 2010

Steps in Contract Negotiation

Steps in Contract Negotiation:
  1. Introduction

    All parties become acquainted and the overall attitude of the negotiation is established; this tone is largely set by the buyer's team leader and the person with authority to sign the contract will lead the contract negotiation team.

  2. Probing

    Each side attempts to learn about the other's real position.

  3. Bargaining

    Give-and-take discussions take place to arrive at the best possible agreement to all.

  4. Closure

    The tentative agreement is revised and everyone has an opportunity to the tweak the results.

  5. Agreement

    The team tries to ensure that all parties clearly understand and agree to all terms and conditions of the contract.


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Fahad Khan said...
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Fahad Khan said...

very well explained.

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PMGuy said...

Good job outlining them clearly so that the PMP candidate can understand it well.
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eriakmoos said...

Good explain. It helps you decide how you can manage to achieve your goals.

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PMGuy said...

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Recommended Books on PMP

Suggested Study Materials

  • PMP-Preparation Recommended Books
  • PMP Exam Prep, Fifth Edition: Rita's Course in a Book for Passing the PMP Exam
  • A Guide to the Project Management Body of Knowledge, Third Edition (PMBOK Guides)
  • The PMP Exam: How to Pass On Your First Try (Test Prep series)