Fair is Fair

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How can you tell if something is fair?  In a negotiation, object criteria issomething outside of the negotiations that lets the parties know the options oroffers are fair.  An example is whenbuying a house the seller does not make up a number.  It is based on a market analysis, comparingthe houses to other that have sold in the neighborhood, along with the assessedvalue.  When the buyer goes to make anoffer, the buyer can say that what they are offering is fair based on the sameanalysis.  The market value is not set bythe two parties, the buyer and the seller; it has been set by an outside, thirdparty.  The market analysis is the objectivecriteria.

Having an objective criterion can help strengthen theoptions you have put forward in a negotiation. Some other examples of objective criteria are:

1. A third party professional
2. Quotes from other manufacturers or service providers

 The following are not objective criterion, because they arenot impartial:

1. Friends
2. Someone in a higher position than you (or other party) at the company

It is important to have objective criteria—it can make adifference in a good deal or a bad deal. Remember, would you want to pay too much for a house? That would happenif you did not have the market analysis.

Contact TrueNorth Business Consulting about our legalcoaching services.