Business Development: Contract Negotiation Strategies Report

This report provides a detailed analysis of contract negotiation within the context of business development. It begins by outlining crucial principles for preparing negotiations, emphasizing the importance of understanding company vision, developing a game plan, studying the counterpart, and aiming for win-win outcomes. The report then presents a case study involving Charleston Record and singer Cece Summer, exploring negotiation strategies from a managerial perspective, including leveraging the singer's strengths and addressing potential challenges. It further examines the concept of BATNA (Best Alternative To a Negotiated Agreement) and the importance of identifying opportunities for mutual gain. Finally, the report discusses the formulation of effective interview questions to gather relevant information. The report draws from various academic sources to support its arguments and provides practical insights into contract negotiation processes.

Contract negotiation

Contents
INTRODUCTION...........................................................................................................................3
Questions..........................................................................................................................................3
Question 1:..............................................................................................................................3
Question 2...............................................................................................................................3
Question 3...............................................................................................................................4
Question 4...............................................................................................................................4
Question 5...............................................................................................................................5
Conclusion.......................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
The procedure wherein the members sort out the contract details already when they dedicate
to their writing is contractual negotiation. Terms of the contract agreement Candidates seek to
enter negotiations that are already in their favour (Norta, 2016). Each party evaluates the threat
or advantage of such as a certain term during negotiation. In contract negotiations it may be an
intricate experience for the more seasoned mediators to draw up an agreement which embodies
that agree to hold and moreover integrates prospective components like the connection to
company and the sustainable development of the contract.
Questions
Question 1:
There are some crucial principles that are needed to be considering at the time when
preparing negotiations that are defined below:
Know what to accomplish: It is the most crucial element as the team member must have the
proper knowledge about the vision and mission of company so that they can prepare the best
contract while negotiating the necessary elements with the different parties. This help to attain
the maximum benefit to the company and also provides ways to reach desired targets in
particular time manner.
Develop a game plan before negotiations start: All negotiations call for compromises and
compensation. On just about any problem they dealer are not able to win. Therefore the problems
that are great qualities for company are crucial to analyse.
Study and understand your counterpart: Pay attention towards the other person as well
as ask questions to clarify more about what they actual want to do in the deal and also manager
must s ay what want to do actual desire of business. Recognize in which the objectives are
overlapping and where they are not working to nearby to the gaps.
Work towards a win-win: The aim of a negotiation is to achieve a better benefit for both
sides by the mechanism of sharing and taking, maybe not obvious until negotiations start
(Tomlinson and Lewicki, 2015).
Question 2
As a viewpoint of Charleston record, the main interest is to make a new negotiation contract with
Cece summer so that she can sing again at lower prices. As a manager I like to convince she to

record again for the studio at most feasible fee which would not be a burden over company as
well as she can fulfil her all living requirement. Cese summer have been singing for Charleston
record for last 17 year and have recording some extra ordinary beautiful and popular songs
which makes her a really big star. She was able to make so much money that in recent time she
have purchased a new house which is number 6 and her family is living a luxury life. She have
the main advantage to negotiate at whatever price she needs from the studio as there are many
other recording company which approaches her again and again and are offering higher price that
Charleston record. On the other side due to recent flop and emerging issue which daughter and
other family member she loses temper and wants a break from singing so that more and more
time can be spent with family people and they can develop bound again. Charleston Record has
the main strength to make new agreement with cese summer and make her realise that taking
break is not the solution to get out of the problem and she may get the issue of depression if she
stop singing. Thus, she might not take the booking of outside city and only sing for the studio at
new prices which can help her to manager both work and family (Kim, Cundiff and Choi, 2015).
Question 3
One of the other details negotiators who wish to devise negotiating and bargaining tactics
is the idea of the opportunity to define a negotiator's best option to an agreed deal. When as a
manager negotiate, take time to explicitly help ensure manager don't give up a fair amount for a
BATNA throughout the recording contract with Cese summer. Analogous with the above
conversation mostly on best option in negotiations, in many other word the worst here, is that
you don't have a provider or that the alternative provider isn't always that sweet. Perhaps the
WATNA must recruit a further individual at the very same price in respective case scenario. It
isn't perfect, but neither is it bad. Or manager may have had to consider hiring a further person,
who charges a premium cost or no something else, users have to wait for months as well as
the recording with the other artist. The principle of "inventing opportunities for material benefit"
indicates that both parties probably do not have extremely similar concerns and underlying
limitations. There must be transcend the much more apparent price component in the
negotiations and spread across numerous other variables, such as service, terms, quantity, etc.
Knowing these aspects and the position of each edge with respect to those elements is one of the
negotiations, and the first phase towards completing a positive win-win negotiations is to have
that information or as many of it, as possible in order to start a new agreement. When manager of

Charleston record talking about BATNA, it usually involves visitors when they have try to
consolidate their position. They could go out and get a couple more jobs and equate them to that
particular place in order to improve the position in this case. It places for better in the talks and
may strive to work out how to make some respectable options, how and when to turn that into
the perfect solution if they do not get the job done.
Question 4
Through the case scenario, there are some great chances of mutual gain as in recent time Cece
summer was going through a hectic period due to which her lasts album was flopped and there
are some issues within family. If as a concerning manager of Charleston Record proper
convincing deal is made than there are more opportunities that Cece will accept the deal and
record a song at lower rates. The new contract many includes some additional recording for her
daughter which will be provided to upcoming animated or cartoon series, thus it will remove
pressure from cece and she will be able to sing a song that will make a strong come back in the
film industry. Moreover, some cost can be reduced such as transportation or accommodation so
that Cece can teach her daughter that money is very much important for life and to make a better
use there must be no unnecessary spending over any kind of drugs (Shang and Yang, 2015).
Question 5
In order to prepare particular questions by each applicant, in response to asking that manager of
Charleston record ask the Cese summer. These specific questions are normally raised by
reviewing the curriculum vitae and the application or calling. Thus by using, the questions to
explain some most elements about the history or current happening of the selected person for
interview (Equipe, 2016). Just at core of any appointment are careful questions and listening. As
an interviewer, teaching how to ask efficient queries as well as how to pay attention will generate
useful answers for a candidate. Here is how to formulate questions for a positive interview:
1. Ask questions that are open-ended. Ask the query so that you can illustrate, justify, clarify,
etc. instead of questions posed with such a clear Yes or No.
2. Submit a picture. Describe the organization's usual scenario and suggest what the nominee
can do and scenario queries can be quite useful, but do not wait for a clear answer. The
applicant cannot know all the details of your activities, after all and listen instead to the logic
of their thoughts.

3. Sample further details. When manager say, "Tell me a project of great significance in your
past work," you will decide the true position of the applicant in the project. Hear clues about
the actual variety of projects, the time and performance of the mission. The answers can
provide a better picture of the actual framework of participation of the person.
It is essential that the questioner looks and acts professional manner, that all applicants be
treated fair and considerate as well as to ask efficient questions in interviews. The investigator of
Charleston record is the organisation's face; if the applicant is not recruited, the interview
demonstrates how the applicant was handled.
Conclusion
In the end, it is defined that the negotiation of contract is the method by which the parties
have agreed and go over to come together against a common matter. Or, since they often suggest
in the business community, "users don't really get what people receive, guests are doing
something that those who negotiate."

REFERENCES
Books and Journals
Shang, W. and Yang, L., 2015. Contract negotiation and risk preferences in dual-channel supply
chain coordination. International Journal of Production Research, 53(16), pp.4837-4856.
Kim, K., Cundiff, N. L. and Choi, S. B., 2015. Emotional intelligence and negotiation outcomes:
mediating effects of rapport, negotiation strategy, and judgment accuracy. Group
Decision and Negotiation, 24(3), pp.477-493.
Tomlinson, E. C. and Lewicki, R. J., 2015. The negotiation of contractual agreements. Journal of
Strategic Contracting and Negotiation, 1(1), pp.85-98.
Equipe, S. M. A. C., 2016. Generic model for contract negotiation.
Norta, A., 2016, November. Designing a smart-contract application layer for transacting
decentralized autonomous organizations. In International Conference on Advances in
Computing and Data Sciences (pp. 595-604). Springer, Singapore.