Section 4 Principles of international business contract negotiations

4.1 Basic principles of business contract negotiations

     In the business contract negotiations, the parties should abide by the following principles.

     4.1.1 Equality and mutual benefit principle

     4.1.2 Sincere cooperation

     4.1.3 Flexibility principle

4.2 Some tips for business contract negotiations

     Below are some tips when engaging in contract negotiations with your vendor.

    1. Never get to the contract negotiation stage with only one bidder remaining. Always have at least two bidders throughout this process.

     2. Develop a contract negotiation strategy with your customer for each bidder.      

     3 .Always start from your contract draft.

     4. Be professional and fair.

    5. Communicate continually with all players during the process to ensure that no misunderstandings occur and that nothing is left to later interpretation.

    6. If the process takes longer than was planned, that’s ok.

    7. Pay attention to the details.

     8. Always end each negotiating session on a positive note and establish a time frame for reviews, corrections and additions.

    9. Have your customer’s lawyer produce the black (red) line document that shows the changes made during the session just completed and review it thoroughly for scribbler errors.

     10. Never let the customer eliminate all but one of the bidders until the contracts are ready to be signed.