Tactics For Negotiating A Financial Dispute

1449 Words Sep 26th, 2016 6 Pages
Tactics for Negotiating a Financial Dispute
Introduction
Financial disputes are frequently resolved through litigation, however, negotiation can often facilitate better results. Litigation is costly, time consuming, and can damage relationships and threaten reputations. Alternatively, negotiation is typically accomplished in a shorter amount of time, minimizes cost and can sustain and restore relationships. Furthermore, negotiation can lead to an outcome that satisfies both parties, while litigation concludes with a winner and a loser. This paper analyzes a case study that discusses a financial dispute between a museum and benefactors that owe a significant amount of money. Additionally, this essay presents a negotiation strategy for resolving this issue, which includes a best alternative to a negotiated agreement (BATNA), interests, influence tactics, and options for a mutually beneficial outcome.
Background
Midwestern::Contemporary Art Museum Midwestern Contemporary Art (MCA) is one of the largest modern art museums in the world. It opened in 1945 in the city of Great Lakes, Michigan and over the following forty years transformed from a small art showroom to a facility that also included a theater and gardens. The board of trustees, the museum directors and employee’s dedication, passion, and vision turned MCA into a state of the art facility.
The Smiths Peter and Catherine Smith were avid art collectors with a vested interest in MCA. In 1989, Peter was…

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