Negotiation Is Concluded, Now What? |
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By: Robyn Whyte Posted: 2007-10-30 05:58:00 |
| So if you've been reading along in my other articles, you've now presumably nailed out all the finer points of your agreement. Good for you. Many negotiate but to have a hammered out consensus is really a true signpost of your success in business.In this article, I will explore the next steps to take.In some exceptional circumstances, you will not wish to pursue the negotiated agreement into the contract form. For example, if you have made a negotiation with a business who's reputation is that they are not that solvent, teetering on the brink of bankruptcy or in violation of many, many trade sections of business including and not exclusive of tax laws, you're going to want to keep your business seperate. In this case, you would just keep a written report of agreed upon subjects and indicate clearly that your businesses won't be joined in any way but that for the event or one thing you are doing together, you have a gentleman's agreement. You would then write along the bottom that at any minute the other member could quit the negotiated agreement. In keeping your paperwork out of the hands of lawyers but clearly spelling out that your negotiated agreement has never been formally finalized, that its dependent on voluntary cooperation and part of a gentleman's agreement of good faith, it can neutralize potential damage to your company.You may want to consult the laws of your State or Province for their understanding of negotiated agreements that are not formalized into contracts.However, if you perceive that you have nothing to fear from the other business' standing, then you can move onto the next step.You must submit your agreed upon, negotiated items to the lawyer, otherwise the lawyer hired to write out a draft of the agreement will use existing documents on file and simply fill it in. As you may have only negotiated to host an event together or distribute one product, a general partnership agreement might be generated by the lawyer without submitting all the proper information.It is not very costly to get a lawyer to hammer out an agreement. What is very costly is not understanding the agreement itself once it is written into legal terms.Do not ask a friend to read it over and explain it to you. If you really don't understand the written language, hire a lawyer for an hour to go over it with you. Really understand what you are signing.Legal documents of this nature typically have a clause that says anything that was negotiated prior to the written agreement is moot and at all points the written agreement will supercede anything else.If you do require a lawyer to explain the agreement, try to ask the lawyer scenario questions. If X happens, what are the ramifications to my company? If Y happens, where am I at? This will make the agreement real to you.Before you are ready to sign the contract, make sure that there is an escape hatch written into the agreement for both parties. In having that escape hatch, it is unlikely that either party will use it. Without the escape hatch, it is more probable that both parties will form a dispute. This has a great deal to do with human nature.If you feel trapped, do you want to pursue something? If you feel light and breezy like you're rights are there, then great, you are less likely to need the escape hatch.Remember that most lawyers will give a telephone consultation for twenty minutes to just about anybody for free. So if cost is an issue, sometimes you can get a little information from one twenty minutes and a little more from the other in terms of understanding the agreement before signing.Well, good luck with the conclusion of your negotiating efforts.Robyn Whyte is the CEO of Stargazer Press where you can find amazing books at http://www.stargazerpress.com/novels.htmFind Kate Rizor's 'The Governor's Wife', a contemporary romance from this talented author. Try Victoria Graydale's 'The Wizard's Daughter', a medieval romance. Check out V.B. Rosendahl's juvenile mystery 'Bitter Tastes', the first in the Kathy and Martha Series.Or see our amazing educational resources for teaching reading, home of Stargazer's Guided Reading Kit for K-3, Stargazer's Reading Games and Stargazer's Kindergarten Primer. |
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