Business Negotiation Learning Report - Essay Example

In such a situation, negotiation is required. The negotiator must be careful in how he develops his arguments for reducing the level of damages and the length of the defects period; otherwise he will lay himself open to the argument from the buyer that the contractor has no confidence either in his or her ability to complete on time or in the quality of his product. A proper preparation is the most imperative prerequisite to successful negotiation. Neither the negotiator’s expertise nor persuasion can make up for the dearth of preparation.

An adequate preparation will provide me with an opportunity to clarify the delegation’s objectives, and acquaint the delegates with the primary issues and the parties engrossed. Adequate preparation is a step close to attaining success (Garrett, 2005, p. 32). In designing the plan, I will consider the issues at hand which are the contractor’s reputation, other completed contracts by the contractor and the damages that the owner of the building will incur after breach of contract. In addition, I will also consider each party’s interests in light of the delegation’s objectives.

I will ensure that I have the required information to facilitate the negotiation since information is power (Garrett, 2005, p. 41). . In preparing for the negotiation, I will ensure that I do not confuse my perceptions with veracity. I will be ready to examine each and every situation in the contract and consider both sides of the negotiation. In preparing for the negotiation, identification of the structure of the negotiation is vital. The structure includes setting the appropriate sequence, time and venue for the negotiation.

After identification of the issues at hand in the negotiation, I will come up with a clearly written and delineated path and strategies on how to achieve the desired results. In order to address the issues effectively, I will carefully plan the order by which I will address these issues. I will either start with the least important to the most salient or start with the most significant then finish with the least important. Finally, I would decide on the responsibilities of each team member in the negotiation and consider any other relevant information that could be helpful (Garrett, 2005, p. 45). In this contract negotiation, evaluating the potential risks and liabilities is the best strategy.

Such a strategy allows me to think and imagine of the potentiality for something going wrong and the unforeseen costs and expense one party will incur if the contract is breached. Such a strategy will allow me to consider the possibility of a breach and the liabilities. Every negotiator has to consider the best and the worst outcomes before the negotiation process commences. As a negotiator, I will evaluate the possibility of favorable and unfavorable outcomes. Trust, power and persuasion play a significant role in negotiations.

A high degree of trust with the parties will lead to an effective negotiation in the contract