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For being able to successfully negotiate, each party should know the following:
? Their best alternative to a negotiated agreement (BATNA): According to the Harvard Business School Press (2005, 77).it is your preferred course of action in the absence of an agreement.
? The minimum requirement of terms for a negotiated deal: This is the least favorable point at which you will accept an agreement and is closely related to your BATNA...
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It is the cutoff point for any negotiation. If it is reached the other party will break off the negotiation and walk away. The author, J.Lewicki categorically defines the ?Bargaining Range' that plays a crucial role in helping a negotiator make some basic assumptions about the outcomes towards his/her goal...
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