You might think there is not much to say about reaching agreement. After all, it is the end of negotiations. Nothing could be further from the truth. The agreement that crowns the negotiation process is a step just as important as every one before it. You can win a lot at this stage, and you can lose a lot.
Your focus on the matter at hand must not wane at this point. You need to sustain your engagement until the very end, and often beyond it.
The outcome you want is all parties leaving the table with both a felt victory and a real victory.
I distinguish between two types of victory because they are independent of each other. The felt victory is the emotional satisfaction, the delight and joy of having spent time productively and secured a promising deal. The real victory is the economically quantifiable justification that the negotiation will bring you closer to fulfilling your interests.
During Negotiations
You should monitor ongoing agreements in real time. Writing down partial agreements in a place visible to all parties at the moment they are made can prevent misunderstandings when it comes time to draft the final document.
Relying on human memory in this case may not work, especially if negotiations involved emotional escalations and the list of agreement points is very long.
Read also: Business Ethics in Negotiation
Ethical conduct during closing is just as important as during the opening.
Approaching the Final Agreement
Emotions play a particularly important role at this stage. As you approach the success toward which a long and often difficult road has led you, there is a natural impulse to secure the deal. When you enter this state, maintain composure and focus, and resist the urge to hastily sign the contract.
This is the time to make sure the numbers add up and your interests are satisfied to an acceptable degree. If the contract is significant, do not hesitate to postpone signing by a day or a week. Sleep on it, reflect on the terms, and ideally consult the outcome with your business partner or hand the data to your analysts for review.
Watch Out for the Nibble
The final phase of talks is the ideal setting for a tactical maneuver. Given the emotions described above, the close of negotiations creates conditions favorable for the nibble technique.
It works like this: at the moment when all terms have already been agreed upon, one party introduces one last request, ideally small enough that the other side does not want to go back to renegotiating. This trick is often camouflaged with an excuse about having forgotten a small detail or having made a calculation error.
Be vigilant, so you do not end up handing over a gift at the finish line.
Related: The Profession of Negotiator
The competencies that help professional negotiators navigate the closing phase.
Summary
Reaching agreement is not a formality. It is the moment where your focus and professionalism can tip the outcome of the entire negotiation. Do not let emotions carry you away, monitor the terms, and watch out for last-minute tactics.
Quick win: At the conclusion of an agreement, congratulate your partner on a well-conducted negotiation. This small gesture signals partnership, raises their sense of accomplishment, and ensures you will be remembered favorably in the future.
