Glossary Archive

A Mutual Power of Attorney is a legal arrangement in which two parties grant each other the authority to act on one another's behalf in specific matters, typically related to financial or business decisions. This type of power of attorney is often utilized in partnerships or business relationships where both parties require the ability to...

Mutual Wills refer to a specific type of estate planning tool in which two or more parties (typically spouses or partners) create wills that reflect a mutual intention to dispose of their assets in a predetermined manner upon their deaths. This arrangement is characterized by the agreement that the terms of the wills will not...

Negligence Clause in Commercial Leases A negligence clause in commercial leases is a provision that outlines the responsibilities of the landlord and tenant regarding liability for negligence. This clause typically specifies how liability is allocated in the event of accidents or injuries that occur on the leased premises, particularly concerning maintenance and safety issues. In...

Negotiation Negotiation is a process through which two or more parties communicate and bargain to reach a mutually acceptable agreement or resolve a dispute. It often involves discussions where each party presents its interests, needs, and positions while trying to find common ground. In the context of estate planning, negotiation may occur when discussing the...

Negotiation Bargaining Zone The Negotiation Bargaining Zone refers to the range or area within which two parties can find common ground during a negotiation. This zone exists between the lowest point a seller is willing to accept and the highest point a buyer is willing to pay for a particular item, service, or agreement. In...

Negotiation Closing Techniques Negotiation Closing Techniques are strategies used by negotiators to effectively conclude a negotiation process. The objective of these techniques is to reach a final agreement that is acceptable to all parties involved, ensuring that the terms are clear and that the deal is successfully finalized. These techniques can be categorized into several...

Negotiation Deadlock Resolution Negotiation Deadlock Resolution refers to the strategies and techniques employed to overcome a stalemate in negotiations where parties are unable to reach an agreement. A deadlock often occurs when the negotiating parties have conflicting interests or demands that appear irreconcilable, leading to a standstill in discussions. Effective Negotiation Deadlock Resolution typically involves...

Negotiation Framework Development Negotiation Framework Development refers to the systematic process of creating a structured approach to facilitate negotiations between parties. This framework guides participants through the negotiation stages, helping to manage interactions effectively and achieve desired outcomes. A well-developed negotiation framework typically includes: Preparation Phase: In this stage, parties identify their goals, interests, and...

Negotiation Planning Worksheet A Negotiation Planning Worksheet is a structured document used to prepare for negotiations. It typically outlines the goals, strategies, and key points to consider before entering a negotiation. This worksheet serves as a guide to help individuals or teams clarify their objectives, identify their priorities, and anticipate the needs and positions of...

Probate Probate is the legal process through which a deceased person's estate is administered and distributed. This process typically involves validating the deceased's will, if one exists, and ensuring that their debts and taxes are paid before any assets are distributed to beneficiaries. The probate process generally consists of several key steps: Filing the Will:...