BATNA

Definition: BATNA is a negotiation acronym meaning: Best Alternative To a Negotiated Agreement.
It is the best outcome you can expect if you fail to reach an agreement at the bargaining table with your counterpart. A well-evaluated BATNA sets the threshold at which you will reject an offer. Effective negotiators should have a walkaway point that is firmly grounded in reality before talks begin.

More on batna. More on negotiating and persuasion: Bottom Line, Negotiating.