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When two parties look to make a business transaction of any nature, they will often create a contract. Contracts are a legally-binding document of what all involved has agreed upon. Once a contract is signed, all parties must fulfill their part of the agreement and abide by the terms and conditions listed. Failing to fulfill a contractual obligation or to abide by the terms and conditions can result in legal action. Both parties must accept its terms and conditions prior to signing. If either party is unwilling to accept, then a negotiation period will take place.
Negotiations skill is an absolute key to building solid contracts that best benefit your interests, as well as the other party’s. Contract negotiations typically save time, expedite transactions, save money, generate higher revenue, and mitigate incoming risks for all involved. It is oftentimes a necessary activity to reach an agreement at all, as most parties don’t simply sign immediately.
It is unfortunately commonplace for one party to try to take advantage of the other during negotiations. This, at best, will hamper progress, but you can even end up agreeing to something that is ultimately detrimental. It is most critical that you identify any dishonesty in the other party and see that the terms and conditions of the contract are written in good faith. Luther Law has expertise in both negotiation and mediation, and will ensure that your best interests are protected.
There is no definitive right way to successful negotiations. Each and every contract is different, and varies on the requirements of both parties, the main objective(s), assets involved, potential damages payments to be settled, and more. With so many different aspects to maneuver, a simple contract negotiation can often become lengthy, tiresome, and complicated for all parties involved.
Complications during negotiations can drag the process along even longer, if not halt it completely. One party could be stuck on their demands, both parties could be at an impasse, or the parties could be engaged in a personal conflict. Such roadblocks may make negotiations seemingly impossible to conclude, especially when you are trying to do this alone.
For many reasons, it is not recommended to engage in contract negotiations without the help of a law professional. Negotiating alone often means that you will lose out on what you could have gotten in the contract, or signing what turns out to be a bad deal entirely.
Luther Law is thoroughly experienced in preparing contracts that satisfy both parties (while bringing the best value to the client) and executing the contract without any needless delays. The firm also provides clients with an in-depth consultation to thoroughly understand and realize their objectives for the contract. Oftentimes a client doesn’t fully understand the extent of their objectives or have not fully formulated what it is that they want in the contract. I can help you to see the full scope of your objectives and attain them through negotiations to ultimately get you a contract that’s most beneficial for you, now and in the future.