Why should companies and banks adopt principled negotiations?
Principled negotiating offers three important benefits to banks and their customers. First, it encourages both parties to set realistic expectations about what they’re entitled to. Principled negotiating is hard on merits and soft on posturing. Second, by insisting that negotiations reference an independent fairness standard, it protects both parties from being taken advantage of. Finally, it respects the banking relationship. Principled negotiating holds out the prospect of a tradition of fair dealing. If realized, this is an extraordinary asset. It’s one that creates ties that bind. It’s one that gives substance to the banks’ claim that customers are their partners.