In simplest terms, negotiation is when two or more parties with competing interests engage in discussions with the goal of reaching an agreement. Negotiations occur in both formal and informal settings and are more frequent than most people realize.
During a negotiation, individuals try to satisfy their interests or the interests of the organization they represent. Negotiations normally occur when the parties want to create something new, execute a financial or barter transaction, or resolve a dispute between them. Any activity that involves buying or selling, exchanging products or services, or one party doing something for another with any form of compensation is essentially a negotiation.
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