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Experts provides his ABCs for contract negotiations

5/27/2011

Author and well-known columnist Harvey Mackay recently relayed his ABCs for negotiations.

Among the most important aspects Mackay was that authority is important. He advised anyone involved in a contract negotiation needs to know if the person sitting across the table has the authority to sign off on a deal. Also, contracts are incredibly important, as they finalize a deal and put it in words. Mackay relays that "whenever someone says, 'forget the contract, our word is good enough,' maybe yours is, but his or hers usually isn't."

In addition, Mackay states that those with experience in negotiations usually end up with the money, while those who are inexperienced do not. Obtaining contract negotiation experience is important, by whatever means available. The expert also relayed that a business should never say no for the other party. Instead, they should present a deal and, only after the other side turns it down, begin to draw up another.

Finally, he advises those in a negotiation to always ask questions. If terms of use or other clauses are ambiguous to one party, they must clarify, or risk a potential breach of contract in the future.