ABSTRACT
This chapter aims to identify and illustrate some of the most common elements of negotiation which should receive attention at the prenegotiation stage. The better the preparation, the higher are the chances of successfully conducting a negotiation, leading to the conclusion of a contract. Briefing sessions are to be treated as integral parts of the preparatory stage of a negotiation. A friendly relationship between the two countries should put the teams at ease, which should help create a friendly environment for the negotiation; this is a psychological factor, but it has great business impact. Preparation for negotiation is more important than the actual stage of negotiation in that the briefing of members of a team is crucial for successfully concluding a deal. A negotiating team must be open-minded, and fully prepared to listen to the other party’s strategies, rather than imposing its own ideas and terms upon them. Mutuality is the basic key to a successful negotiation.
