May 22, 2018
As the one running a large corporation, your time is usually stretched thin. As such, the last thing you and your executives need is to be distracted by business litigation. This holds true for many large corporations, which is why many such organizations prefer to settle things outside of court through a business dispute settlement agreement. Not only does this help save you quite a lot of time, but it also helps you avoid a sense of scandal and the risk of the court potentially ruling against you.
If you are about to engage in settlement negotiations with another company, it is highly advised that you secure the services of a business litigation law firm in the Philippines like Yap & Associates Law. Having an experienced litigation lawyer on your side of the negotiation table can prove to be an invaluable advantage.
Despite having an experienced litigation lawyer in the Philippines helping you out, the process of settlement negotiation can be both physically and mentally taxing, especially if negotiations drag on. If this is the first time you are experiencing this first-hand, here are a few tips to help you score a victory at the negotiation table:
Never enter the negotiation table with guns blazing. Yes, it is important to let the other side know the legitimacy of your position. However, revealing too much information in your attempt to sway the other side can provide the opposition with opportunities to counter your points at leave you at a disadvantage. Instead of divulging information, lean back and be aggressive with your questions. Try to seek out as much information as possible and listen to what the other side has to say.
Know what your case is worth at all times. This is one of the most important tips to keep in mind as it protects you against low ball offers. Having access to an experienced litigation lawyer in the Philippines can help greatly with this. Try reviewing similar cases in the past, if any, to get a better idea of how big of a figure the case is worth. Offering a settlement figure that is lower than the actual figure is a common strategy in the early stages of negotiations. In the event of a lowball offer, keep a cool head and put forward a proper counteroffer.
A vast majority of business disputes are settled outside of court. However, do not enter negotiations timid and afraid to take the case all the way. As much as you want to avoid taking the dispute through the legal system, you must brace yourself for the possibility and clearly show the opposition you are willing to go to court. This is one of the most powerful forms of leverage you have. While it is important to express how much you would prefer to settle, it is also important to keep the pressure on with your willingness to go to court if necessary.