Negotiation Skills · glossary
What the client will do if there is no deal. Polgarrow’s was a rival garage, at about £120 a van a month once Cornwall is added. Its short name is BATNA: best alternative to a negotiated agreement. Preparation Sheet, point 3 (internal) · Chapter 3 · see Extension, Limit (walk-away point)
Explained in Chapter 3, BATNA and Walk-Away Point: What a Lawyer May Not Say, of Negotiation Skills.
Also explained in M&A Foundations.
Before you make any offer, answer one question: what will the client do if there is no deal? The answer is its best alternative, and it tells you what a deal with the other side is worth. From it, the client sets a limit (walk-away point). That is the most it will pay or give, and the least it will take. Polgarrow’s limit stays secret, but nobody on its side may lie about it.Read Chapter 3, BATNA and Walk-Away Point: What a Lawyer May Not Say →
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Related terms
Where this term lives
This term is part of one fictional contract renewal, from the first letter to heads of terms, with every document attached and a test after every chapter. Open Negotiation Skills → · All terms A–Z →