The Golden Rule

If two parties are on opposite sides of a contract and they want to reach a win-win resolution, that means that they must observe the Golden Rule during negotiations. Specifically, both parties must treat each other fairly and be completely honest. They also need to communicate openly and not withhold relevant information. There should be full disclosure of any facts relevant to the transaction.

Respect is one of the most important elements of treating people well. Both parties must respect each other’s time, needs, finances, family situation, and any other circumstance that may affect the negotiations. As part of showing respect, each party should treat the other party professionally and conduct themselves professionally. There should never be anger or raised voices.

Both parties should be committed to a resolution that will be agreeable to both of them. Neither party should ever look for ways to take advantage of the other party. Before the negotiations start, they should both agree to a method of resolving an impasse on an important issue. To avoid the expense and delay of litigation, they should agree to have the issue decided by a mediator. They should also agree to abide by the mediator’s decision.

Both parties should greet other with courtesy, and they should be on time for meetings. They should also abide by any time limits set for the meetings, but agree to schedule a follow-up meeting if they still have issues to resolve. They should keep confident any information that either party wants to keep confident. Once they reach an agreement, they should reduce the agreement with complete accuracy.

At the end of the meeting, they should shake hands and thank the other person for their time and courtesy. The Golden Rule is so simple. It is also appropriate in any situation, even in business.