Negotiations/Business talks (general) 2 (interactive exercise)

VOCABULARY REVIEW: Business negotiations

Need to review common terms relating to (and used in) business negotiations? We've got you covered!

Trade-off
Definition:
A trade-off is an exchange where one benefit is given up to gain another.
Example:
They accepted a lower price in exchange for a longer contract.

Agenda
Definition:
An agenda is a structured list of topics to be discussed during a negotiation meeting.
Example:
Sharing the agenda in advance made the meeting more efficient.

Proposal
Definition:
A proposal is a formal plan or suggestion presented for consideration.
Example:
The client requested a revised proposal with updated costs.

Stakeholder
Definition:
A stakeholder is any person or group with an interest in the negotiation's outcome.
Example:
Key stakeholders were consulted before final approval.

Decision-maker
Definition:
A decision-maker is the person with the authority to approve or reject an agreement.
Example:
The deal could not proceed without the decision-maker present.

Binding agreement
Definition:
A binding agreement is a contract that is legally enforceable.
Example:
Once signed, the agreement became legally binding.

Non-disclosure agreement (NDA)
Definition:
An NDA is a legal contract that protects confidential information.
Example:
Both parties signed an NDA before sharing financial data.

Risk
Definition:
Risk refers to the possibility of loss or negative consequences in a deal.
Example:
The team assessed financial risk before accepting the terms.

Relationship building
Definition:
Relationship building is the process of developing trust and cooperation between negotiating parties.
Example:
Strong relationship building led to long-term cooperation.

Final offer
Definition:
A final offer is the last proposal a party is willing to make.
Example:
The manager presented a final offer to close the deal.

Topic: Negotiations/Business talks 2