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Creating Trust and Transparency in High Stakes Negotiations

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Today Buyers Meeting  would like to welcome back Mark Bilgin, career negotiator and the author of Mastering High Stakes Negotiations. Mark will be joining BMP Radio for a regular podcast series – one that we’ve welcomed community input on. Today we will focus on the importance of trust and transparency in negotiation based on comments and feedback we received in response to a LinkedIn post shared last week.

Here is an excerpt from High Stakes Negotiations:

Trust and respect are two fundamental ingredients for any healthy relationship, including negotiations. Creating this trusted environment with the other party is imperative. Here are some ground rules I review before the start of the meeting. I even ask the counterparty to add any additional ones if he or she would like to create a fair and democratic environment right from the get go.

  • One person speaks at a time.
  • Show mutual respect.
  • We expect to have a constructive, honest dialogue.
  • Check your understanding by asking questions.

In this conversation we'll discuss:

If you can have either trust or transparency without the other, and which needs to come first.

If procurement is trying to strategically increase transparency/build relationships with our suppliers, how can do so while still minimizing risk?

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