Contract negotiations require a full understanding of the applicable legal rules. For that reason, it is highly recommended to seek assistance from a lawyer from the very start of the negotiation process.
Getting negotiations off to a smooth start requires sound preparation. This step involves defining your objectives, non-negotiables, floors and absolute requirements in terms of time frame. Armed with these elements, a negotiating strategy may then be established.
Establishing contracts is also a critical step for those parties to the contract and should seek to prevent disputes as far as possible by clearly laying down the rights and responsibilities of each party accordingly. A thorough knowledge of the law is required to draw up a solid contract. Matters concerning liability, contractual penalties, payment and performance schedules, applicable law and the place of jurisdiction should be subject to particularly careful review.
T&CO assists a number of clients during this process and has amassed considerable experience in this area.