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Negotiating Contracts

Course Duration: 4 Days (8:30am-5:00pm)

Professional Development Units (PDU): 28.0

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You'll Learn How To:

• Use competitive and collaborative negotiation strategies with success
• Recover a stalled negotiation using breakthrough techniques
• Adjust your negotiating style to match the preferences of the other party
• Deactivate the impact emotions and focus on funding agreement
• Apply negotiation skills for efficient cost and schedule performance
• Plan strategies to effectively develop and manage collaborative relationships critical to your project

Program Objectives:

In this highly interactive course, the emphasis is on the process of negotiating the contract itself—the legal document that governs the business relationship between the parties. The course highlights the good and bad practices that business managers must be aware of when negotiating contracts. Using a process approach to building successful business relationships, the course teaches all the key considerations and steps involved in planning, conducting, and documenting contract negotiations. Real-world case studies will expose students to perspectives of both buyers and sellers. Strategies, tactics, and counter tactics for improving contract negotiation skills are highly emphasized. Practical exercises will show students how solid analysis of business and project risks during business development can translate into successfully negotiated contracts. Students will learn how to analyse terms and conditions, recognise potentially risky and unacceptable terms, and negotiate successful deals by overcoming obstacles. The course includes proven best practices used by successful companies worldwide.

Course Outline:

1. Contract Negotiation Overview What is negotiation?, Negotiation approaches, Buyer’s and seller’s negotiation objectives, Negotiation preparation, Negotiation process, Negotiation and price
2. Pre-negotiation Planning Prepare yourself and your team, Know the other party, Know the big picture, Identify objectives, Prioritse objectives, Create options, Select fair standards, Examine alternatives, Select your strategy, tactics, and counter tactics, Develop a solid and approved team negotiation plan
3. Conducting Negotiations Determine who has authority, Prepare the facilities, Use an agenda, Introduce the team, Set the right tone, Exchange information, Verbal, Nonverbal, Active listening, Focus on objectives, Use strategy, tactics, and counter tactics, Common mistakes to avoid, Make counter offers, Document agreement or walk away, Negotiation dos and don’ts
4. Post-negotiation Actions Negotiation minutes, Writing the contract, Negotiation results summary, Reviews and approvals,  Contract delivery to other party and copies to internal parties, Lessons learned, Contract administration plan
5. Global Negotiations Special Considerations Cultural consultants, John Wayne style of negotiating, Working with an interpreter, Non verbal communication, Cross-cultural negotiation skills