The foundation of any good partnership, be it small or a big one, is its contract negotiation. Doing it like an expert shall elevate your partnership by ten-folds.
Dealing with a project involves two parties that may have a different approach to tackle it, but agreed to do a single one. That’s why contract negotiation is essential to every partnership. It enables both parties to have a set of scope and limitation within the project so that no issues may arise in the latter of their partnership that may result to a possible breach of contracts and worst, lawsuits.
Now, if this is your first time doing a contract negotiation with someone, it’s best that you take our tips in order to maximize the outcome of your partnership. So without further ado, here’s how to do contract negotiation like an expert.
Slow it down
Most of the time, contract negotiations that are done instantly manage to be poor. Most people do not like negotiating and just want to get it over with. It’s boring and everyone gets that. Yet, do you want to suffer in the future for your whole partnership? The final product will be better if you’ve done it slowly, with both parties clearly listening and evaluating the contents of the contract.
Seek the advice of experts
We may know what we want out of a contract business-wise, but most individual absolutely doesn’t know how to produce one in such a way that preserves their interests. It’s the best that always have a lawyer to sign them. They know everything legally, and the possible scenarios in every type of contract negotiation.
Present the term sheets clearly and effectively
Term sheets discuss big picture matters. We think of this initial stage of the contract negotiation process like dating. In this part, everyone should be pleased. Be sure to stick to just the full strokes at this stage. If both parties can’t agree to a term sheet, then why sign the contract at all? It will never work out. Don’t waste your time.