How To Negotiate A Contract

About this Video

• Video Title: How To Negotiate A Contract
• Channel: Jason Schroeder
• Speakers: Jason Schroeder
• Duration: 00:12:48

Introduction

This video provides a step-by-step guide on how to effectively negotiate contracts, emphasizing a win-win approach. The speaker draws heavily from the book "Never Split the Difference," outlining key negotiation techniques and offering construction-specific advice.

Key Takeaways

• Emotional Intelligence: Maintaining emotional regulation and empathy is crucial for successful negotiation.
• Active Listening: Pay attention to tone, body language, and the other party's needs and feelings.
• Mirroring: Match the other party's communication style to build rapport and connection.
• Labeling: Repeat and rephrase the other party's statements to ensure understanding and create alignment.
• FBI Negotiation Techniques: Use connection-building, rapport-building, and empathy-driven approaches.
• Calibrated Questions: Ask open-ended, non-threatening questions to gather information and foster understanding.
• Negotiation Leverage: Understand the other party's constraints and use this knowledge to find mutually beneficial solutions.
• Avoid Splitting the Difference: Focus on collaborative problem-solving rather than making immediate concessions.
• Construction-Specific Tips: Understand project requirements, key priorities, and conduct thorough research on the other party. Seek legal advice, establish open communication, negotiate comprehensive terms, clearly define scope of work, carefully allocate risk, and document agreements in writing. Plan for dispute resolution and maintain positive relationships.