Sorting out What's Important

What's important and what isn't--that's a critical distinction and key learning experience in negotiating, says Chris White, senior manager of ERP and business systems for Hess's exploration and production business and a Pathways program participant.

First you must "understand the business drivers behind the contract--what should be the negotiating positions including must-haves and the willing-to-part-ways-with," says White, who's been involved in negotiating contracts for the last five years. "Then you have the same dialogue [with general counsel]."

Those discussions form the framework for successful negotiations, but they're not created equal. White has learned to "focus on the business context first," he says. "Legal terms and conditions don't matter if you cannot get a framework in place on the business components of the deal." And, at each stage of the negotiation, White checks back in with the boss and the business to review his progress, reevaluate his negotiating position and make changes as necessary.

Learning to Fact Check