Negotiation Contract Definition
In its most basic form, a negotiation contract is simply an agreement between two or more parties to negotiate in good faith. The purpose of the contract is to set forth the parameters of the negotiation process and provide a framework for the parties to resolve their differences.
The key elements of a negotiation contract are:
– The parties involved in the negotiation.
– The issue or issues to be negotiated.
– The ground rules for the negotiation process.
– The deadline for reaching an agreement.
– The consequences of failing to reach an agreement.
While the specifics of a negotiation contract will vary depending on the situation, these are the essential components that should be included in any such agreement.
