Trading Concessions

The art of negotiating consists of knowing how, why, where, to whom, and when to make concessions.

—Gerald Nierenberg and Henry Calero

Trading concessions are an essential element of the negotiation process. Concessions are made possible when the parties involved have different interests, priorities, and goals. In fact, they play an even greater role in cultures where negotiating is a part of everyday life. In these cultures, negotiators expect to trade concessions back and forth taking whatever time necessary to reach an agreement. As a part and parcel of any concession, it is crucial for negotiators to prepare in advance the type of concessions they are willing to trade and concessions they want in return. Reciprocity ...

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