Forms of Negotiation

Posted on Mar 12th, 2023

In negotiations, several forms might be used to facilitate the process. Here are some of the most common forms:

• Letter of Intent: This non-binding agreement outlines the basic terms and conditions of a proposed deal.
• Memorandum of Understanding (MOU): This is also a non-binding agreement that sets forth a negotiation's broad principles and objectives.
• Term Sheet: This is a document that outlines the specific terms and conditions of a proposed transaction.
• Contract: This is a legally binding agreement between two parties that outlines the terms and conditions of a transaction.
• Request for Proposal (RFP): This is a document that is used to solicit proposals from potential suppliers or contractors.
• Bid Form: This is a document that is used to submit a bid in response to a Request for a Proposal.
• Checklist: This is a simple form used to keep track of a negotiation's progress and ensure that all necessary steps are completed.
• Negotiating Worksheet: This is a more detailed form used to keep track of the different proposals and counter-proposals made during a negotiation.

These forms can help structure the negotiation process, ensure that all important information is documented, and facilitate the exchange of ideas and proposals between the parties involved.