In these transactions, it is essential that you have written out
beforehand the ranges that you are willing to accept.Rule 3. Beforehand, have a plan for the possibility of no deal.
If you are unwilling to contemplate the possibility of a
particular deal falling through, then it is likely that you have
violated rule 2. Knowing in advance what you will do if an
agreement cannot be reached relieves the pressure to make
the deal work.
Rule 4. It is always OK to go back to the beginning and start over.
A common apprehension about negotiation is that your
counterpart will lead you along and get you to agree to
something you really didn’t want or cannot afford. If at any
time you feel confused or unsure, it is OK to ask that your
counterpart go back to the beginning and start over.Rule 5. Sign nothing until you have read and understood every word.
It has been said that verbal agreements are not worth
the paper they are printed on. Once a written agreement is
signed, the transaction will be interpreted according to the
documentation, making any prior or subsequent verbal
statements irrelevant. It is your responsibility to satisfy your-
self that the document accurately reflects the discussion and
that you understand everything it says. When the other per-
son presents a document for your signature, give yourself
time to read it carefully before signing. It is acceptable and
advisable to excuse yourself for long enough to do so. Re-
member that any preprinted agreement presented to you
for signature has definitely been written to benefit the
writer and not you. Sign nothing until all of your what-if
questions are answered.
Rule 6. Consult an attorney if needed.
At times you will require an attorney. You may negotiate
with your attorney, just as with anyone else. There is a dis-
tinction between hiring an attorney and seeking legal ad-
vice. Hiring an attorney means you explain to him or her
what you want and the attorney draws up the papers. Seek-
ing legal advice means that youdraw up the papers and con-
sult an attorney, before signing, to receive advice about
suggestions or potential problems related to the document
you have prepared. In the first instance, you will be paying a190 Negotiation