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7. True. In some cases, a verbal agreement and handshake can actually create an enforceable agreement. But should you rely on that? Probably not. If you have a spent substantial amount of time and effort negotiating several terms and resolving complex issues, it’s always best to get the terms in writing and in detail. In minor, less complex matters, it doesn’t have to involve a formal contract negotiated by teams of lawyers. A simple email exchange whereby parties agree to important terms (dates, amounts, performance standards, etc.) will often suffice. 8. False. A win-win deal that satisfies both sides is always the best solution. Most successful negotiations come to a win-win. Remember, your job as a negotiator is not to pound your opponent into submission. It is to find a means and a path by which the parties can settle differences and move forward productively, with both getting their most important needs met. 9. False. See #2. Make your first offer bold, but realistic . However, “going in for the kill” signals to your opponent that you are not serious about negotiating – you’re just there to make demands and bluster. It creates an immediate atmosphere of anger or resentment. If your opponent “goes in for the kill”, experts recommend overlooking it and staying cool. Don’t react. Continue to negotiate. If they remain stuck on an impossible demand, it’s no longer a negotiation – you can walk. 10. False. Generally, principles of fairness, mutual benefit, and building a productive negotiating relationship are the keys to a successful outcome. The best negotiators keep their ego out of the process. They maintain a calm and cool demeanor, as well as a thick skin. That doesn’t mean they’re weak negotiators. Intimidation is a common tactic intended to get the other party to such a high level of frustration, they’ll throw in the towel and take a bad deal just to get out of there. Don’t fall for it! PRODUCT PREVIEW
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Lesson 2 | Cave Man Commerce
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