People in business negotiate all the time. Either they negotiate salaries and bonuses, details of contracts with partners, and deadlines with managers/supervisors/labours and others. There are a lot of things one can do to ensure you get the most out of a negotiation.

Naturally, one should find out as much as one can about the negotiation partner/opponent (the person you will be negotiating with), about their business, and about negotiations in general. But one can also help oneself a lot in a negotiation situation just by knowing the right vocabulary.

We are going to look at some general negotiation vocabulary one can use during a negotiation -

• To Shop Around: to compare offers of different providers of suppliers
• Target Deal: the deal you would like to sign (attractive and profitable)
• Your Bargaining Position: it depends if what you offer is rare or of unique value to the buyer.
• A Proposal: is what you offer to the other person. it includes quantity and terms of payment and delivery.
• A Counter Proposal: a response of the other person to your proposal. Usually concerns the price and terms of the deal.
• A Breakeven Point: the lowest price you will accept for this deal. Below is your deal that will not be profitable.
• To Make Concessions: to accept certain counter-proposals. Remember: If you make a concession always ask for something in return.
• To Outlast Someone: to negotiate patiently, and slowly, not being in a hurry to close the deal. This may make the other person impatient and ready to sign quickly.
• To Walk Away: to leave the negotiation table without signing the deal.
• To Sweeten the Deal: offer something small but free just before closing the deal.
• A Closer: a closing argument used to give a final push to a person who is almost in but still hesitates.
• Bottom Line: the most important factor.
• To bargain: to discuss the conditions of an agreement, to negotiate. You can also use this as a noun (something can be a bargain) to refer to products being sold for a really good price.
• Alternative: a choice that could be better than the present situation.
• To reach consensus: to agree on a matter that initially (at first) you disagreed upon.
• Deadlock: a point in a discussion that takes you nowhere because people cannot reach an agreement.
• Highball: make a request that is much higher than you expect to receive.
• Lowball: offer something much lower than you think the opponent will ask for.
• Leverage: something that gives you power in a negotiation.
• Counterpart: a person or thing having the same function as another.
• Equivalent: a proposed agreement that is different from, but equal in value to, a previous proposal.
• Intermediary: a person who communicates between the two sides of a negotiation.
• Tradeoff: an exchange process in which one side gives up partly on some issues to gain on other issues.
• Amplify: expand; give more information.
• Haggling: arguing back and forth (often about prices).
• Logrolling: trading one favor for another.
• Ultimatum: a final term that has serious consequences if not met.
• Yield: to give in to another's requests.