Good Faith Bargaining

What is Good Faith Bargaining?

 

‘Good Faith Bargaining’ is an ethical form of bargaining in which all the parties involved try to get the best possible deal or outcome for all parties from the bargain being conducted.

 

One can identify whether a bargain being conducted is in good faith by checking it against the following benchmarks:

 

  • Are both parties providing complete data?
  • Are they regularly attending the sessions in case of multi-meeting bargains?
  • Are they genuinely considering the suggestions of the other party?
  • Are they responding on time with relevant counter queries?
  • Are they providing genuine reasons for rejecting the other party’s proposal?

 

If all the above questions are being answered with a ‘Yes’, then that bargain can be safely assumed to be a ‘good faith bargain’.

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