Reference no: EM131653234 , Length: 2
Examine approaches to negotiation.
This will help you understand negotiation as a dispute resolution process.
Assignment Description: You are working with Redwood and Associates. You represent Pam Greer in a personal injury claim. Ms. Greer was injured in an automobile accident with a truck driven by Neil Armstrong. Ms. Greer received serious injuries including a contusion, broken ribs, and a fractured arm. Ms. Greer was hospitalized for 12 days. Your supervising attorney has sued Mr. Armstrong for $300,000, which includes collateral expenses and pain and suffering.
Common Farm Insurance insured Mr. Armstrong's truck. After Mr. Redwood submitted the demand for $300,000, Common Farm returned with an offer of $200,000. Both parties negotiated a settlement with a final offer of $250,000. Mr. Redwood discussed the settlement with Ms. Greer and she was elated.
This offer was more than she expected; however, Ms. Greer asked for a few days to carefully analyze the offer. The day after speaking with Mr. Redwood, Ms. Greer decided to play the New York lottery. The numbers were drawn and Ms. Greer was holding a $1,000,000 winning ticket. Ms. Greer no longer has a need for the $250,000 offered by Common Farm Insurance. Ms. Greer called you very happy and told you about her big win.
Your supervising attorney has asked you to draft a letter for his review. This letter will be sent to Ms. Greer about the conversation she had with you about not having a need for the $250,000 settlement. You will also discuss negotiation strategy with Ms. Greer.
The letter should:
Discuss timing as it relates to executing the negotiation.
Explain strategy and discuss whether Ms. Greer would like to renegotiate with Common Farm Insurance.
Describe Ms. Greer's role in each negotiation strategy.
Guidelines:
The letter must be formatted using the elements of a business letter. You may use fictitious addresses for the office and Ms. Greer. A sample business letter can be found on this website. https://www.4hb.com/letters/business-letter-format.html
The letter must be typewritten in Times New Roman or Arial 12-point font, single spaced, and with 1-inch margins.single spaced, and with 1-inch margins.
The letter must be no more than 2 pages in length.
Here are some tips.
The first paragraph of your letter should be an introduction of yourself, and the firm. Briefly explain the agreement reached and Ms. Greer's response.
The second paragraph should discuss timing as it related to executing the negotiation. Why is timing important? You will find information on timing as it relates to negotiation in the lecture transcript.
The third paragraph you will want to explain strategy to Ms. Greer. Here, you will want to explain negotiating strategy as it relates to:
Negotiating from a preconceived position
Negotiating with interest
When and where to execute
The fourth paragraph should describe Ms. Greer's role in each negotiating strategy. Be detailed and through when explaining Ms. Greer's role.