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PRACTICAL NEGOTIATION SKILLS by Jubeir Shamte Head of Commercial Management – Projects Wasl Asset Management Group by Jubeir Shamte Head of Commercial.

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Presentation on theme: "PRACTICAL NEGOTIATION SKILLS by Jubeir Shamte Head of Commercial Management – Projects Wasl Asset Management Group by Jubeir Shamte Head of Commercial."— Presentation transcript:

1 PRACTICAL NEGOTIATION SKILLS by Jubeir Shamte Head of Commercial Management – Projects Wasl Asset Management Group by Jubeir Shamte Head of Commercial Management – Projects Wasl Asset Management Group 30 th January 2012

2 What is negotiation? Negotiation is a process of communication between two or more parties trying to reach an agreement.

3 Objective of the negotiation The objective of the negotiation is to inspire another person to do something he or she may not want to do. Some of the tactics of negotiation includes: Persuasion Respect Fear

4 Balance of Power

5 Types of negotiation Distributive Integrative

6 Irrational tendencies in negotiation Unrealistic Expectations Under-confident Escalation of Commitments Anchors Frames Overconfident

7 Fighting irrationality Best Alternative To a Negotiated Agreement [BATNA] Reservation Price Target The importance of information Interests vs Position Fairness Trust

8 Substance of price negotiation Price Terms Timeframes Warranties Remedies STRATEGIES AND TACTICS FOR EFFECTIVE NEGOTIATIONS

9 Negotiating Claims Decide strategy Get to know the opposition Build relationship Check contractual and legal entitlements of the claims Indentify correspondences and records relating to the claim matter Exchange information Check facts referred to in the claim Prepare detailed response to the claim Gottas Wannas

10 Choose negotiating team with care Negotiation almost impossible except to face to face meetings. Meetings usually are without prejudice Fix agenda and time scale Contd... Limit number of attending negotiation meetings Be very familiar with the facts relating to the dispute Attack weak points in the claim Do not appear to be too inflexible or too rigid Score points early Be prepared to make concessions in response to the other party making concessions Reach agreement on individual items but subject to overall agreement

11 Be patient: Negotiation is full of Ups and Downs Contd... Do not be personally abusive to the opposition Do not be too proud to admit when you are wrong Do not allow meetings to go on too long Always commit to writing agreement reached at the meeting Do not get hanged up on single negotiated item Defuse threats, ultimatums, lies and other hard balls tactics Discover the truth even when other side want to conceal it Negotiate successfully from a position of weakness Recognize when the best move is to walk away

12

13 Questions & Answer

14 Thank you


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