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Get Ready To Negotiate (Part One): Important Business Terms

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Joined: 01 Oct 2009
Posts: 48

PostPosted: Sun Jul 25, 2010 2:43 am    Post subject: Get Ready To Negotiate (Part One): Important Business Terms Reply with quote

If you need to negotiate a matter in the business world, youíll want to equip yourself with good vocabulary to make yourself understood and help you understand many important negotiating terms.

Read, understand and learn the following words which youíre likely to hear during business negotiations:

1. Agent

MEANING: A person that acts for or represents a company
EXAMPLE: The company will send an agent to discuss our wishes with you.

2. Alternative

MEANING: Another option
EXAMPLE: Youíll have to find an alternative for the initial plans you had.

3. Arbitration

MEANING: The addressing / resolving of a conflict using a third impartial party
EXAMPLE: We will have to resolve this matter using arbitration if we do not reach an agreement.

4. Bottom line

MEANING: The lowest or final position someone is willing to reach
EXAMPLE: Iíll accept a 7% raise as a minimum. Thatís my bottom line.

5. Bedrock price

MEANING: The lowest possible price
EXAMPLE: We want to sell you our products at bedrock price.

6. To bargain

MEANING: To try and change someoneís mind about their position
EXAMPLE: Iíd like to bargain with you on that point.

7. Collective

MEANING: Together
EXAMPLE: We need to reach a decision collectively.

8. A commitment

MEANING: A pledge or promise of oneself to something or to doing something
EXAMPLE: I have a commitment to meeting your needs.

9. Compromise

MEANING: To reach an agreement with someone by both parties complying in some way to the otherís wishes
EXAMPLE: Letís see if we can reach a compromise.

10. A condition

MEANING: Something that has to be fulfilled or given first in order for something else to happen
EXAMPLE: We will employ you once these conditions are met.

11. Consensus

MEANING: An agreement by all
EXAMPLE: Itís important that there is a consensus on this issue.

12. Contract

MEANING: A written and legal agreement between two or more parties
EXAMPLE: After our discussion, we will draw up a contract.

13. To cooperate

MEANING: To work together
EXAMPLE: Letís cooperate on this business proposal.

14. A counter offer

MEANING: To present an alternative offer in response to an initial offer
EXAMPLE: I have a counter offer you might want to listen to.

15. Counter-productive

MEANING: Something that has the opposite effect to the one intended or needed
EXAMPLE: If we lower the price, that will be counter-productive to us.

16. A deal

MEANING: A business agreement
EXAMPLE: Letís reach a deal on this issue.

17. Discount

MEANING: A reduction in price
EXAMPLE: Weíll offer you this product at a good discount.

If you are interested in mastering your business English, opt to take an intensive in the USA to teach you everything you need to know to be successful with your business matters. Executive English courses last from three weeks and equip you with the English you need to know for every business situation.

If you liked this article, tell all your friends about it. Theyíll thank you for it.

Rachel Clarkson

Rachel Clarkson is an English teacher at LCI English and blogger at the ESL Blog.
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