Negotiation
 is any form of communication between two or more people for the purpose
 of arriving at a mutually agreeable solution.  In a negotiation the disputants may represent themselves or they may be represented by agents and whatever the case, whether they are represented or not represented, they have control over the negotiation process.  When attempts are made to settle matters out of court involves negotiations
There are two extreme styles of negotiating. there is what is referred to as the competitive bargaining style and co-operative bargaining style or hard bargaining and soft negotiating.  
The competitive negotiators are so concerned with the substantive results that they advocate extreme positions.  They create false issues, they mislead the other negotiator, they even bluff to gain advantage.  It is rare that they make concessions and if they do, they do so arguably, they may even intimidate the other negotiator.  
Cooperative
 negotiators are more interested in developing a relationship based on 
trust and cooperation they are therefore more prepared to make 
concessions on substantive issues in order to preserve that 
relationship.
Is negotiation a dispute resolution mechanism that can be applied in all kinds of situations?  Are there disputes that will not be necessarily resolved by negotiations?  There are certain disputes that negotiations would not perhaps assist.
In as far as hard bargaining is concerned, the perceived advantages would be
1.                   The
 hard negotiator is likely to get a better substantive especially in 
circumstances where such a negotiator is negotiating with a co-operative
 negotiator;
2.                  If
 a negotiator is a professional negotiator i.e. one who is called upon 
to negotiate on behalf of parties, he is likely to develop a reputation 
which will be useful in future negotiations;
3.                  The competitive negotiator is not open to easy manipulation;
4.                  A negotiator of that style is also likely to take initiative and to take a lead role in negotiations;
Disadvantages
1.                   The
 solution that comes out of such hard negotiations is likely to be a 
fragile one and therefore not long lasting so the other party is likely 
to come out of the negotiations feeling like maybe they gave too much 
and this may create ill feelings;
2.                  The
 competitive or hard negotiator may by reason of his approach fail to 
take an opportunity to reach a good deal because of the attitude that he
 must have his way and a good deal may be put on the table which he does
 not look at as he does not want to compromise.bbb
3.                  It may harm the relationship; it may also create misunderstanding by the fact that the interests of the party maybe compromised.
4.                  The
 competitive bargainer or negotiator is unlikely to be aligned to the 
concerns of the other party because the emphasis is no compromise.
SOFT NEGOTIATING STYLE
ADVANTAGES
1.                   Sustaining relationships or good long term relationships;
2.                  A deal or compromise will be reached when there is a deal to be made;
3.                  From the perspective of a professional negotiator, it is more likely that people will want to deal with you.
4.                  A compromise is likely to be reached sooner and to work quickly either to agree or disagree.
DISADVANTAGES
1.                   A
 good deal may be lost or the opportunity for a good deal may be lost 
because the negotiator by the end of the process may feel that they give
 more than they should have;
2.                  There is the possibility of manipulation by the other party.
3.                  The negotiator may be taken advantage of by the other party;
4.                  The party may want to get out of the deal later so he may feel sorry and try to get out of the deal.
5.                  In
 the case of a professional negotiator, a cooperative negotiator may not
 get a very good name e.g. compromises too much which may not be good 
for business.
In
 each of these two styles and based on the mentioned disadvantages, the 
negotiators are more focussed on their respective positions than with 
their interests and to try and reap the advantages of both the 
cooperative and competitive bargaining style, Roger Fisher and William 
Ury came up with a project at Harvard Law School and developed what they
 referred to as principled negotiations.
Principled
 negotiations require negotiators to focus on the interests of each of 
the disputants with the goal of creating satisfactory options for 
resolution which may be assessed by objective criteria.
Principled
 negotiation seeks to take advantage of both cooperative and competitive
 styles and avoid the pitfalls or the disadvantages of the two styles.
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