Anonymous Writer

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Jun 1, 2021
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Trust is an essential component of success in all types of negotiation, whether business, diplomatic or legal. Ambassador Denis Ron, Former us coordinator of the Middle East, Has stated that the ability of negotiators to develop mutual trust is the most important ingredient of successful negotiation and that without it, negotiation fails.

The following are actions used by negotiators to build trust;

UNDERSTANDING THE BENEFITS.

Trust involves a willingness to take risks. It has to do with how vulnerable one is willing to a counterpart. There are many benefits to having trust between negotiators. It promotes openness and transparency and makes negotiators more flexible.

KEEP YOUR COMMITMENT.

Building trust is difficult but losing it is easy, especially you break your commitments,
The French diplomat Francois de Cellier, who wrote the first negotiation book in 1716, stated that a relationship that begins with commitments that cannot be maintained is doomed.

Shimon Peres, The president of Israel has said that promises have to be derived otherwise one’s reputation is at stake. Although people do sometimes make genuine mistakes and promises in good faith that they ultimately cannot keep, If you want to build trust, You need to make every effort to keep your commitment.

BUILDING YOUR REPUTATION.

One of the most important currencies negotiators have is their reputation. It may sometimes be tempting to maximize short-term gains by overlooking the long-term consequences but experienced negotiators know that people prefer to do business with those that they trust and guard their reputation fiercely.

DEVELOPING TRUST

Reciprocation is important for building trust. When negotiators offer information or concessions, they expect the other party to reciprocate. Without reciprocation, the negotiating parties will be able to find ways to collaborate and create value for both.

EXAMPLES OF ACTIONS OF USED BY NEGOTIATORS TO BUILD TRUST

• When Henry Hollis sold the Palmer House in Chicago to Conrad Hilton. He shook hands on Hilton’s first offer of $ 19385000. Within a week Hollis received several offers of more than a million dollars. However, He never wavered on his first commitment.

• In 1873 US financial markets were in pair shape and “King of steel” Andrew Carnegie needed to cash in $500000 investment with J.P Morgan. Expecting a $10000 profit, he asked Morgan to send him $60000, Morgan sent $70000. The investment had made a $20000 profit.
 

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