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Friday, October 21, 2005

Negotiating: The Impact of Time on Negotiations

Time is a precious commodity in your personal life, in your professional life, and in general. Value the time you are investing in resolving a dispute or negotiating an issue. Wasted time is not recoverable. Consider the importance of the matter at hand before over-investing in the resolution process. Time is important to everyone. By better understanding the dynamics of time consumption, one can use it tactically to advance a negotiation.

There are ways to manage time relating to settlement conferences. Suggest having the meeting at your office to eliminate travel time. Prepare a written agenda for the meeting to keep the parties focused and minimize extraneous dialogue that you do not want to have. Consider who should draft the settlement documents. You control the timing of getting documents out if you do the work to draft the agreement. But you save time by letting the other person draft the agreements for your review.

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