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What if I make a mistake in a negotiation?

If you make a mistake, you are likely to figure it out quicker and be able to adjust your strategy if your are well prepared for the negotiation. In the context of a negotiation, if you have not yet finalized the deal, you may find that a mistake can be an opportunity to learn and correct your course of action. Where you have already agreed to a deal, you should still consider raising the mistake at your earliest opportunity, particularly if you will have an ongoing relationship with other stakeholders involved in the deal. When you share with your counterparts that you have made a mistake, be open and apologetic about it so that a genuine mistake is not misconstrued by others as a calculated negotiation tactic, such as a last minute additional demand. It is important not to wait too long to disclose your mistake after you have discovered it even if it may cause difficulties for you or other stakeholders. If you are sincere, open and timely about your mistakes, you may find that other stakeholders will be more understanding and, if necessary, forgiving. After all, no one is perfect; we all make mistakes.

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