Fast Reading The final important point about negotiation in the business world is the law of contract. It is generally enforceable in the courts. The position is more complicated in international business negotiation because of differences in laws and assumed liabilities. But, the courts are a source for remedies if contracts are broken. Suing defaulting contractors is quite common. A sound knowledge of contract law is therefore essential for negotiations drawing up an agreement at the end of a deal. After a transaction is concluded, a contract is signed by the buyer and the seller. The contract should be specified the name of commodity, specifications, quantity, unit price, total value, port of loading and destination, time of delivery, payment terms and sometimes other general conditions of sales. All the terms and conditions in the contract should be carried out in all seriousness. Non-performance of contract may rise to disputes and claims. Therefore, it is very important that we should have the contract made out clearly and correctly, and more important, we should abide by it and keep good faith. However, signing a contract is not the end of a round of, or many-a-round, negotiation but a step in negotiation. A sophisticated negotiator can often take chance to get more. A negotiator should be aware of the following traps set by the counterpart. Chipping away Some people will seek a constant stream of small concessions on a wide range of issues, continuing in parallel with the main negotiation on more substantive issues, so they will keep the negotiations open for as long as possible by means of delaying final signature and possibly even continuing thereafter. This can be extremely irritating. They never quite push you too far in one go. Use threats or an ultimatum to cut the chipping-away if you are in a position of strength. No matter in what position, confront the other side despite the risk of negotiations breaking down. The old KISS adage (Keep It Simple, Stupid) is useful for all of us. Be sure that you know where your point is, then stand fast there and don’t obscure the fact of a fundamental difference. Dragging into a very complex deal As the more complex a deal is, the harder to deal with, some people may like to drag the deal into a complex one and this is an easy job. The complex deals make the other side feel hard to follow and trying to trace interconnections of the various issues is certainly to become a nightmare. The final important point about negotiation in the business world is the law of contract. It is generally enforceable in the courts. The position is more complicated in international business negotiation because of differences in laws and assumed liabilities. But, the courts are a source for remedies if contracts are broken. Suing defaulting contractors is quite common. A sound knowledge of contract law is therefore essential for negotiations drawing up an agreement at the end of a deal. Task : Tell whether each of the following statements is true (T) or false (F) according to the passage. ( ) 1. The final important point about negotiation in the business world is the law of contract. ( ) 2. The contract should be specified the name of commodity, specifications, quantity, unit price, total value, port of loading and destination, time of delivery, payment terms and sometimes other general conditions of sales. ( ) 3. Signing a contract is the end of a round of negotiation. ( ) 4. Some people will seek a constant stream of small concessions on a wide range of issues, continuing in parallel with the main negotiation on more substantive issues. ( ) 5. As the more complex a deal is, the harder to deal with, some people may not like to drag the deal into a complex one and this is an easy job.