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Negotiation is the discussion of terms and conditions to reach an agreement.
- Contract under negotiation: A contract which is being discussed.
- A matter for negotiation something which must be discussed before a decision is reached
- To enter into negotiations: To start negotiations to start discussing a problem
- To resume negotiations: To start discussing a problem again, after talks have stopped for a time
- To break off negotiations: To refuse to go on discussing a problem
- To conduct negotiations: To negotiate
Negotiation as in Alternative Dispute Resolution
Negotiation is a powerful form of Alternative Dispute Resolution wherein the disputing parties sit together and arrive at a mutually acceptable conclusion.
- Statistics shows that a vast majority of cases filed in Courts are resolved by negotiation before going to trial. In United States of America, only fewer than 10% of all cases filed actually go to trial.
- Since negotiation disputes are resolved in private, they are never counted.
- The deliberation, discussion, or conference upon the terms of a proposed agreement; the act of settling or arranging the terms and conditions of a bargain, sale, or other business transaction.
Negotiation as in Banking Law
Negotiation is the act of the transfer of a Negotiable Instrument under such circumstances so as to make the transferee, the holder thereof
- The act by which a. bill of exchange or promissory note is put into circulation by being passed by one of the original parties to another person.
Essential Features / Ingredients
- There must be a transfer of an instrument to another person
- The transfer must be made in such a manner as to constitute the transferee the holder of the instrument.
- Section 14 of Negotiable Instruments Act, 1881: Defines Negotiation
- Section 47 of Negotiable Instruments Act, 1881: Negotiation by delivery
- Section 48 of Negotiable Instruments Act, 1881: Negotiation by indorsement
- Philippine Negotiable Instruments Act of 1911