Negotiation Agreement

Definition: a Negotiation Agreement is a legal contract (typically in the form of a written document) whereby each party commits to enter into negotiations in good faith to conclude a subsequent contract whose terms and elements (basic and secondary) have not yet been determined.

Given the considerable procedures and many stages involved in the negotiation process, and due to the lack of good faith of many negotiators, it is preferable to write the negotiation contract in detail, including the specific obligations of the parties.

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