Tips for Closing Negotiations

Closing a deal once you have reached an agreement with the other party is the final but critical step of the negotiation process. Here are some tips on closing negotiations:

1. Send some signals

As you are approaching what you would like to be the final deal, make your intentions known to the other party. Let them know that you have reached agreement on the various aspects of the matter and check with them for their input. If you act like things are drawing to a conclusion, the other party may follow suit and move to a close as well.

2. Discourage further concessions

Some negotiators have a tendency to request for concessions towards the end of the deal. Be firm and express your willingness to accept the final agreement without changes. If the other party attempts to seek minor concessions, explain that any adjustment in their favour has to be balanced by adjustment in your favour as well.

3. Sign the contract

Negotiations take up time and effort of many. A deal is not done until it is done. An agreement with the details of the solution for both parties should be signed by both parties. Even if a lawyer may draft them officially, recording the agreement avoids future disputes as people’s memories of the agreement may change with time.