Disorganized haste is bad; well-prepared speed is good. Ask any Olympic racer – and it’s the same with negotiating contracts. At the end of a recent debate sponsored by World Commerce & Contracting1, the audience voted that greater speed in negotiations leads to greater risks – by a 49% to 34% margin. But we believe speed may lead to risk only if you are inadequately prepared with little forethought. On the other hand, if negotiators focus on the elements of the contract that matter the most to their companies and keep an eye on fairness, the benefits of speed far outweigh any risks that may ensue.
This resource is only available to our paid members. You can Join Us or Sign in to get access to this resource.