A business relationship is built on key foundations: the give and take, the boundaries, and the agreements that define them.
Naturally, you want a contract that protects your interests—just as the other party does. At the negotiation stage, it’s impossible to predict every twist and turn the relationship may take. Everything may seem fair and reasonable at first, with a sense of trust and the thought, “That won’t happen to us.” But circumstances change. While not always the case, business predicaments can arise in ways we never anticipated.
Over time, you may have identified key areas that require extra protection—perhaps lessons from past experiences have made you more aware of potential gaps in liability or risk. Negotiating a contract is the time to ensure these concerns are addressed.
The negotiation stage isn’t just about terms; it’s also an insight into the other party. Their approach can reveal a lot about their intentions and how they handle business relationships. Take this opportunity to assess the potential risks and probabilities—where could things stand a year from now? This is your chance to clarify terms, request adjustments, and ensure you’re comfortable with the agreement before business begins. Once signed, changes cannot be made retrospectively.
Key areas like payment terms, liability, data protection, and non-solicitation clauses should be carefully reviewed to ensure they align with your expectations. Seeking legal advice is advisable, as the issuing party cannot provide independent guidance on their own contract.
While professionalism and reasonableness play a role, sometimes a master agreement or framework agreement simply can’t be reached. In such cases, a smaller, one-off project agreement might serve as a probationary period—allowing both parties to assess compatibility before committing to a long-term relationship.
Taking the time to negotiate now can prevent costly misunderstandings later. A well-structured contract isn’t just paperwork; it’s a safeguard for your business.
Get in touch today, to see how I can help with your requirements.
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