Contract negotiation is the process of achieving an agreement on a set of legally binding terms. When two companies negotiate, they both seek to secure the best deal and minimize their financial, legal, and operational risks. DelonApps offers both local and international enterprises doing business in Nigeria top contract and negotiating services.
When negotiating contracts with vendors, for example, your organization may insist on being able to pay on a monthly rather than annual basis (or vice versa). There isn’t necessarily a “right” option in payments, as there is in many other situations, but there is an alternative that makes the most sense for your organization. In business, we negotiate contracts to ensure that our agreements position our businesses for long-term success. With a wide array of client example scenarios, DelonApps recently assisted a company in disengaging redundant employees, and we assisted in negotiating employment termination and benefits, as well as disbursement of payment to employees and administration of capital gain tax with deductions and remittance within two months. Also, a foreign corporation also had a ten-year legal battle with a Nigerian vendor. Within a month, we assisted in the negotiation of an out-of-court settlement deal.
Contract negotiation is a crucial part of contract administration. Delays in contract development or execution, for example, can slow a business down, but they are unlikely to have a significant influence on its bottom line. A badly handled negotiation, on the other hand, can leave a corporation with long-term legal responsibilities.
In typical negotiations, such as those over a software license, topics such as governing law, customer data processing, information security, and price are discussed.
The back-and-forth can take place in real-time (during a phone call or in-person meeting), but email is more prevalent, and the dynamics are the same in both cases. Both sides make compromises, inserting, removing, or modifying contract sections – the contract’s building blocks — until the two sides reach an agreement.
Knowledge management and process management are the keys to contract negotiation: if you don’t know the history and status of each of your contract negotiations, you can’t be sure you’re getting the best deal for your company.
Legal teams usually spend the majority of their time putting together contract changes from various business teams and tracking down the most recent versions of contracts due to the lack of a centralized mechanism for contract tracking and negotiation. Organizations with quarterly sales cycles face a far more difficult situation.
As a result, contract negotiation is a difficult task for legal teams and contract technologies due to the importance of the business, operational complexity, and the unequal number of contracts.
Contracting and Negotiation services in Nigeria
Our contracting and negotiating professionals in Nigeria work quickly to ensure that all parties engaged in your contract talks are satisfied. Because we strive to provide our clients with the greatest possible results, it’s never a win for us unless it’s a win-win for you.
Great prices don’t always imply excellent service, and excellent service doesn’t have to be expensive. Our strategic sourcing and contract negotiation professionals can guide you through the complexities of contracting and negotiations, not only evaluating the offered terms and conditions but also comparing them to others in the market to reach a mutually suitable agreement. Our staff is made up of lawyers and negotiation professionals that have extensive expertise in offering out-of-court settlements to foreign companies in Nigeria, including those in the Fintech, IT, and Oil & Gas industries.
Our Contracting and Negotiation Services include:
- A thorough review of the proposed contract
- A review of pricing terms, conditions, and service terms
- Proposed resolutions to disagreements in terms and conditions
- A comparison to other similar contracts in the marketplace
- Finding the meeting point that leaves both the supplier and buyer satisfied with the contract
Benefits of Our Contract Negotiation Services
The many advantages of our contract procurement process include:
- Comprehensive Review of terms and conditions: Inconsistent purchasing practices and the failure to secure competitive rates are common symptoms of insufficient contract management. We will execute a complete review of all contract terms that involve pricing, conditions, compliance, supplier service obligations, and performance metrics of purchasers and suppliers. We’ll ensure you are working with reliable, reputable suppliers, and if necessary, help you locate more suitable vendors.
- Marketplace comparison: A reliable method for evaluating the fairness of a contract is comparing its terms and conditions with similar arrangements in the same vertical market. We will analyze your contract to ensure that it is marketplace competitive and sustainable for the long term.
- Conflict resolution steps: Conflicts can arise during the performance of even a well-drafted contract. We will ensure the implementation of appropriate measures to resolve disputes equitably and expeditiously.
- Identifying the meeting point: The most successful negotiations are those where the parties can achieve a meeting of the minds. Our skilled, experienced negotiators have the savvy to identify the most pressing needs of each side and find the means to bring them together.
Why Choose a Professional Contract Negotiator?
DelonApps’ Law and Negotiation professionals in Nigeria know procurement contracts through and out, thanks to our many years in the field. We’re well-versed in industry jargon and have the data needed to assess whether your present rates are competitive. We can even uncover new procurement routes that give a better cost or negotiate on your behalf to acquire a more fair price if necessary. Our skilled contract negotiator can assist you with the following contract terms:
- Pricing: DelonAppsenables you to secure a reasonable procurement spend price and avoid mismanaged procurement spend. We’ll make sure you have standardized control and contractors for production, overhead and general supplies.
- Clear conditions: We help our clients get contracts that have clear price protections, payment terms, and delivery schedules. We’ll even create competing contracts if necessary.
- Compliance: You can be sure that the contract you get is compliant with every regulation and standard in your industry while still staying at a profitable price point for you. We have experience working with contracts in the Fintech, IT, and Oil & Gas
- Keep roles clear: We make sure that your contract has clear sections regarding material losses, insurance, confidentiality, and rights of access. We turn the balancing act of contract negotiation into a clear art and ensure that every role has its own dedicated contract section for clarity.
Services for Fact-Based Negotiation
Negotiations for smart contracts are systematic and data-driven. Companies require a competent market research team to traverse the supply chain landscape and deliver the facts when it comes to decreasing costs, driving sales, and building category management strategies. DelonApps has the market intelligence required to conduct intelligent out-of-court settlement agreements. Years of experience implementing strategic sourcing best practices and out of court settlements for top international companies in FinTech, IT, and Oil and Gas industries, along with our own contract database and market research team, gives our clients real-time information on the competition, supply trends, contract terms, price points, and the supplier community. We’ll take the guesswork out of your next procurement investment, allowing you to stay competitive and save money.
Contract Negotiations That Benefit Both Parties
DelonApps has negotiated a substantial amount of contracts and has a database of contract terms, conditions, and price points that may be leveraged to help our customers save money immediately. Our database of rates, contracts, and terms helps us get significant results rapidly when negotiating new contracts for our clients.
Due to a lack of relevant data, procurement departments frequently ‘trust their intuition’ or keep inefficient supplier relationships ‘simply because.’ With years of experience, DelonApps has amassed an unrivaled collection of best practices and real-time information. This means we’re in a unique position to help you with contract negotiations and other aspects of the sourcing process both locally (within Nigeria) and internationally as well.
Regular Problems faced in Contract Negotiations
Contract negotiation should be positively beneficial to both parties in every area to achieve an equitable and fair deal. As a well-negotiated contract lays down a solid foundation for a long-term relationship between both parties.
- When it comes to large-scale projects and government transactions, developing countries encounter several complexities and obstacles. A well-negotiated contract is essential not only for the parties to properly fulfill their current duties, but also for the future. By identifying the basic elements, the contract should be carefully specified and regulated. This is the primary reason for the necessity for fine-tuned negotiation in growing markets in developing countries.
- Conflicts that arise out of contract lead to expensive arbitration or lawsuits, the costs involved in arbitration and litigation are huge. The arbitral awards could amount to huge losses which could totally disrupt the project and the business‘s financial stability and reputation. This is one of the main reasons for the failure of many start-ups
- In most of the cases, one of the parties has more bargaining power than the other. The weaker party struggles to reach an equal footing during negotiation. Which ultimately creates friction in the weaker party’s mind even before the start of the contract.
- While negotiating the contract, interested parties must take into consideration the recurring rapid changes occurring in the outside world. which are also vital factors as these crucial details could change the scope of negotiations and therefore must not be missed.
Trust DelonApps for Your Negotiation Needs
With more than a decade of expertise negotiating with some of the procurement industry’s biggest names. Whatever your budget, we can help you save money on indirect commodities so you can get the most out of them. Our first priority is always your bottom line. To learn more, come see us in person or contact us online so we can begin negotiating your contract right now.