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Negotiating Contracts: The Importance of Understanding the Counterparty

Negotiating contracts is a fact of business. Contracts are often used to set the groundwork for how your business relationship with a vendor moves forward. A contract can specify the products or services the vendor offers as well as prices, delivery frequency, and other relevant details. Compromise is required by both parties when negotiating contracts, and concessions are sometimes necessary. The best way to prepare for this process is to gain a thorough understanding of the counterparty.