Have a contract negotiation coming up? For expert lawyers like those at the Law Offices of Joanne Sorrentino, contract negotiations are part of our everyday lives. However, for most business owners, home buyers, or contract professionals, contract negotiation can be an intimidating process! Read on to find out some of the best tips to negotiate your next contract to form a business, sell or rent property, or anything else that requires a contract agreement.
Before You Meet: Prepare and Decide
The most important step of your contract occurs before you ever meet for negotiation—and is usually one you can do on your own! Before meeting, you must prepare and make a variety of decisions. What must you get out of your contract? On the other hand, what are your “dealbreakers?” These should form the strongest points of your contract. However, there should be many items in the middle, which is where you get to negotiate. By clearly identifying your needs in advance, you can focus on the details. Need help determining what is most important? Consider running your contract by a skilled contract lawyer in New Jersey. They can help you ensure that you are compliant with state and local laws, and may remind you of other important needs in your process.
Documents or It Didn’t Happen!
No matter how great your memory is, from a legal standpoint, you need documentation—otherwise, whatever you talked about, agreed to, shook hands upon, or promised is pretty much out the window. Even relatively small changes, like a date adjustment or change of who pays which fees, should be documented in writing. This keeps both parties honest, and creates a paper trail in case of future conflict.
Negotiation Can’t Be Rigid
Even if you have a lot of very important needs, remember that you cannot control all aspects of the negotiation. After all, negotiating is about reaching a middle point, or compromise, that works best for everyone. Remember to allow some room for flexibility, and keep in mind that if you “give” a lot in one area of the negotiation, you are in a position to request more in other areas. If you feel like one party is stronger at negotiating, get support from a skilled lawyer near you.
Follow-Through Reminders
Even after your contract negotiation is over, you likely have some follow-up steps. Of course, you should always have your transaction fully documented, but does it need to be filed with a certain agency? Are there follow-up tasks for you or the other party? Make a list for yourself with these tasks, or get professional help when you hire legal counsel to assist with your contract formation. Not only will you have the best legal advice on your contract, but you will have assistance with the legal processes of filing, reporting, or any other legal task involved.
You’re the expert at your business, but for legal transactions, look to the legal experts! The skilled professionals at the Law Offices of Joanne Sorrentino are ready to help form your next contract, assist with your next business transaction, or tackle any other legal need you may have. Set up an appointment today for the best legal representation in NJ.
