Negotiation with suppliers is an important element of the business process where two or more parties come together to reach an agreement on the terms and conditions of a transaction. It requires planning and hard work to ensure success, and involves assessing the needs of both sides, understanding their objectives, evaluating alternative solutions, finding common ground, and compromising where necessary in order to achieve a mutually beneficial outcome. Negotiation is critical to supplier relationships, as it sets the foundation for future transactions and long-term collaborations.