How do you close a negotiation and ensure a lasting agreement?

Negotiation is not only about reaching a deal, but also about making it last. A successful negotiation should result in a win-win solution that satisfies both parties and fosters cooperation. How do you close a negotiation and ensure a lasting agreement? Here are some tips to help you achieve this goal.

Prepare a summary

Before you end the negotiation, it is important to summarize the main points and outcomes of the discussion. This will help you clarify any misunderstandings, confirm the details, and reinforce the benefits of the agreement. You can use a checklist, a document, or a slide to present the summary and ask for feedback. Make sure you cover all the essential aspects, such as the scope, the timeline, the deliverables, the responsibilities, and the payment terms.

Address any concerns

Even if you have reached a tentative agreement, there might be some lingering doubts or objections from the other party. You should address these concerns before you finalize the deal, as they might affect the implementation or the satisfaction of the agreement. You can use empathy, questions, and evidence to understand and resolve any issues. For example, you can say “I understand your concern about X. How can we make you feel more comfortable about it?” or “Can you explain why you think Y is a problem? Here is some data that shows how we can overcome it.”

Ask for commitment

Once you have summarized and addressed the concerns, you should ask for a clear and explicit commitment from the other party. This will help you avoid ambiguity, confusion, or reneging on the agreement. You can use a direct or an indirect approach, depending on the situation and the relationship. A direct approach is to ask “Are you ready to sign the agreement?” or “Can we shake hands on this deal?” An indirect approach is to ask “How do you feel about the agreement?” or “What are the next steps to finalize the deal?”

Express appreciation

After you have secured the commitment, you should express your appreciation and gratitude to the other party. This will help you build rapport, trust, and goodwill, which are essential for a lasting agreement. You can use sincere and specific compliments, such as “Thank you for your cooperation and flexibility. You have been a great partner in this negotiation.” or “I appreciate your professionalism and creativity. You have made this process very smooth and productive.”

Follow up with action

The last step to close a negotiation and ensure a lasting agreement is to follow up with action. You should deliver on your promises, communicate regularly, and monitor the progress of the agreement. You should also provide feedback, recognition, and support to the other party, and address any challenges or changes that might arise. By following up with action, you will demonstrate your credibility, reliability, and value, and strengthen the relationship for future negotiations.

Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?