About Contract Negotiation
Contract negotiation is the process of coming to an agreement on a set of legally binding terms (here, we'll focus on negotiation between two companies). When two companies negotiate, both parties seek to obtain favourable terms and minimize financial, legal and operational risk.
There is no uniform set of principles that answer the question, “How Do I Negotiate a Contract?” that apply to contract negotiation. However, there are measures parties can take before and during negotiations to ensure negotiations are successful. The first of these measures is preparing for negotiations. Preparation has several aspects, both legal and business-related.
As part of preparation, parties should familiarize themselves with the laws of their state. These laws include the laws of what the contract covers. For example, a party should review the intellectual property laws of its state before negotiating a licensing agreement involving copyrights.
Why is Contract Negotiation important?
Contract negotiation is often the most important part of the contract lifecycle. Both sides offer concessions and in the process insert, remove or modify contract clauses — the building blocks of contracts — until the two sides can come to an agreement.
Who should take the Contract Negotiation Exam?
• Freelancers
• Consultants
• Employees
• Employers
• Self-Employed professionals
Knowledge and Skills required for the Contract Negotiation
Candidates gain quick success if they have skills of critical thinking and good communication skills.
Contract Negotiation Practice Exam Objectives
Contract Negotiation exam focuses on assessing your skills and knowledge in concepts and application of Contract Negotiation
Contract Negotiation Practice Exam Pre-requisite
There are no prerequisites for the Contract Negotiation exam.
Contract Negotiation Certification Course Outline
1. The legal aspects of contract design and management
2. The purchasing and procurement processes
3. The contracting process for goods and services
4. Negotiation frameworks and tools
Exam Format and Information
Certification name – Contract Negotiation Certification
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees - INR 1199
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