Negotiation Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Negotiation, written in plain English, along with examples of how it is used.
What is Negotiation?
1\) It is a process by which the involved parties or group resolve matters of dispute by holding discussions and coming to an agreement which can be mutually agreed by them. It also refers to coming to closing a business deal or bargaining on some product. 2) It also means exchange of negotiable instruments such as bills of exchange, cheques etc in exchange of goods, service or money.
History and Meaning of Negotiation
Negotiation is a term used to describe the process where two or more people or groups work together to reach an agreement. The art of negotiation has been around for centuries and has played a significant role in business, politics, and personal relationships. Negotiation involves both parties coming to an agreement that they see as mutually acceptable.
Examples of Negotiation
- In business, a negotiation may take place between a buyer and seller for the sale of goods or services. The buyer and seller may negotiate the price, quantity, and other terms of the sales agreement.
- In legal disputes, negotiations may take place between the plaintiff's and defendant's attorneys in an attempt to reach a settlement before the case goes to trial.
- Climbing a mountain with a team requires continuous negotiation as everyone works together to reach their goals while balancing the needs and strengths of the group.
Legal Terms Similar to Negotiation
- Mediation: A form of negotiation where an impartial third party facilitates discussions between the involved parties to help them reach a mutually acceptable agreement.
- Arbitration: A process where two parties agree to have a third party decide the outcome of a dispute instead of going to trial.
- Settlement: An agreement that ends a legal dispute between the involved parties.