At some point during business contract negotiations, the parties might perceive that they are approaching an impasse. Pushing too hard at this juncture can result in a lost transaction or damaged business relationship. Below are some strategies for keeping negotiations progressing in a productive manner.
Take a Break
It might seem like the parties need to apply more force when it looks like negotiations are not going well. But taking a break from the negotiating process can give the parties time to reset and an opportunity to bring fresh eyes back to the table. Sometimes, the issues that seemed insurmountable a week ago or even a day ago will appear far more manageable when you come back to the table. Strategic breaks can benefit both sides, should negotiations escalate to a non-productive point.
Focus on Progress Made
If the parties are gridlocked on a particular issue or set of issues, it can help to reframe the negotiation process that has unfolded to that point. The parties can backtrack to discuss the progress made so far, and focus on the areas upon which they already agree. Moving back to a consensus point can shift the overall tone of the negotiations, lower the emotions at the table, and allow the parties to regain a positive outlook on the process.
Identify Opportunities for Compromise
Negotiations often break down because both parties have become unwilling to compromise. It is always important to identify your areas of potential compromise, both at the outset of negotiations and throughout the process. Perhaps compromise on one point — even if unrelated to the current disagreement — can free up a little leverage on the issues about which the parties have reached a standstill. Your areas for compromise will likely change during the negotiation process and deserve to be revisited.
It is important that you have trusted counsel during business contract negotiations, particularly when you are trying to move beyond potential deadlocks. Your lawyer will help you maximize favorable openings in the process and employ the right strategies to keep the parties talking. Attorney Susan Larsen has the training and insight you need on your side during all your contract negotiations. Schedule a consultation with Susan Larsen by calling Larsen Law Offices, LLC, today at (303) 520-6030.