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PRACTICAL NEGOTIATION SKILLS

PRACTICAL NEGOTIATION SKILLS. by Jubeir Shamte Head of Commercial Management – Projects Wasl Asset Management Group. 30 th January 2012. What is negotiation?. Negotiation is a process of communication between two or more parties trying to reach an agreement. .

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PRACTICAL NEGOTIATION SKILLS

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  1. PRACTICAL NEGOTIATION SKILLS by Jubeir Shamte Head of Commercial Management – Projects Wasl Asset Management Group 30th January 2012

  2. What is negotiation? Negotiation is a process of communication between two or more parties trying to reach an agreement.

  3. Objective of the negotiation The objective of the negotiation is to inspire another person to do something he or she may not want to do. • Some of the tactics of negotiation includes: • Persuasion • Respect • Fear

  4. Balance of Power

  5. Types of negotiation • Distributive • Integrative

  6. Irrational tendencies in negotiation • Unrealistic Expectations • Under-confident • Overconfident • Escalation of Commitments • Anchors • Frames

  7. Fighting irrationality • Best Alternative Toa Negotiated Agreement [BATNA] • Reservation Price • Target • The importance of information • Interests vs Position • Fairness • Trust

  8. Substance of price negotiation STRATEGIES AND TACTICS FOR EFFECTIVE NEGOTIATIONS • Price • Terms • Timeframes • Warranties • Remedies

  9. Negotiating Claims • Decide strategy • Gottas • Wannas • Get to know the opposition • Build relationship • Check contractual and legal entitlements of the claims • Indentify correspondences and records relating to the claim matter • Exchange information • Check facts referred to in the claim • Prepare detailed response to the claim

  10. Contd... • Fix agenda and time scale • Negotiation almost impossible except to face to face meetings. Meetings usually are without prejudice • Choose negotiating team with care • Limit number of attending negotiation meetings • Be very familiar with the facts relating to the dispute • Attack weak points in the claim • Do not appear to be too inflexible or too rigid • Score points early • Be prepared to make concessions in response to the other party making concessions • Reach agreement on individual items but subject to overall agreement

  11. Contd... • Do not be personally abusive to the opposition • Do not be too proud to admit when you are wrong • Do not allow meetings to go on too long • Always commit to writing agreement reached at the meeting • Do not get hanged up on single negotiated item • Defuse threats, ultimatums, lies and other hard balls tactics • Discover the truth even when other side want to conceal it • Negotiate successfully from a position of weakness • Recognize when the best move is to walk away • Be patient: Negotiation is full of Ups and Downs

  12. Questions & Answer

  13. Thank you

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