Negotiation Legal Meaning and Definition

Here is a simplified definition of the legal term Negotiation.

Negotiation (noun)

1. A process where parties involved in any disagreement or dispute come together to hold discussions and arrive at a mutually acceptable agreement. This can relate to resolving conflicts, closing business deals, or bargaining for products or services.

2. In financial contexts, it may also refer to the act of exchanging negotiable instruments, like cheques or bills of exchange, for goods, services, or money.