First Part : Negotiating of Contract
“Negotiation, we may say, ought strictly to be viewed simply as means to an end; it is the road the parties must travel to arrive at their goal of mutually satisfactory settlement. But like other
means, negotiation is easily converted into an end in itself; it readily becomes a game played for its own sake and a game played with so little reserve by those taken up with it that they
will sacrifice their own ultimate interests in order to win it.”
Lon L. Fuller, Anatomy of the Law
Negotiation of Commercial Contracts
Negotiation involves a two-step plan:
Preparations for the negotiations
Thorough Preparation
Understanding and focusing on the needs of the other party
Objective Outlook – Separation from the desired outcome
Fashioning “Win/Win” Opportunities
Negotiation of key terms, execution of confidentiality agreement:
Prior to engaging in negotiation, execute confidentiality or non-disclosure
agreement
Key clauses to be agreed to (Performance clauses, Covenants and
obligations, consideration, collaborations agreed to, non-compete/nonsolicit
issues, governing law, dispute resolution, costs, etc.)
Enter in to a term sheet or letter of intent....to be continued
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