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Last minute penalty demand by customer
The CEO of a construction company is in discussion with a buyer, who wants the construction company to build an office space.
The CEO almost clinches the deal when, the buyer makes a last minute demand.
The buyer asks the CEO to include a penalty clause in the contract, that would require the builder to pay a hefty penalty if the building delivery is delayed by more than a month.
The CEO is infuriated with this last minute demand.
How would you as a seller respond to this new last minute penalty demand?
Photo Credits https://www.arorarealtech.com/
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Negotiation is an important life skill
Negotiation is also a game, the more you play and practice, the better you get. Learn and prepare negotiation to reduce anxiety. Like any other skill, it can be mastered.
· Negotiation skills are learnable · You need to know the concept & principles · You need to apply the principles & practice the game · You should get feedback after each negotiation to improve
Last but not the least, seek negotiation and don’t avoid it. When you do buy or sell an asset or join a new job, negotiations are part of the whole process. Prepare for negotiations and don't avoid.
Negotiation is an information game, a conversational dance where we exchange offers...back and forth…offers and counteroffers to benefit mutually.
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