Legal-english pdf

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Reflection on the Law\Legal-Related Picture
Contract law: Contract negotiation
The picture illustrates contract negotiation.In this description, I will try to give 
detailed explanation of all information related to this picture.
Contract negotiation is the process through which two or more parties 
deliberate over the terms of a contract to reach an agreement on how their 
relationship will operate and what their obligations will be. 
The main goal of contract negotiations is for each party to be satisfied with the 
rights and obligations assigned to them. To achieve this, parties will use contract 
negotiation processes to flag any terms they’re unhappy with and suggest new, 
amended alternatives. 
Contract negotiation is when you discuss the elements of a sales contract to reach 
an agreement on its contents that is beneficial to and representative of both parties 
involved.
Sales contracts are legally binding, so negotiation is often necessary to ensure 
everyone will get their needs met. It also ensures that new business relationships 
begin free of conflict, as both parties have worked together to discuss the terms 
ahead of time.
Contract negotiation is an essential step in the contract management process, and it
usually takes place before a final contract is drawn and signed by both parties.

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Business negotiations also help to ensure that the terms set out are as favorable as 
possible for both parties, with as little risk as possible. 
For example, if you're negotiating a contract with a vendor, you'll probably want to
advance your company's interests by negotiating more lenient contract 
termination rights. But the vendor may want to achieve the opposite.
Successful contract negotiation processes enable you to compromise and reach an 
agreement on terms that work for both parties - hopefully with minimal fuss. 
Contract negotiation is important as it ensures that a contract is mutually 
beneficial for both parties and that new business relationships are free from 
conflict and confusion.