Define: Chaffers

A chaffer is a legal term used to refer to a person who negotiates or bargains on behalf of another party, typically in a business or commercial context.

While both terms involve negotiating on behalf of others, a chaffer is generally considered to have a broader scope of responsibilities compared to a broker. A chaffer may engage in various activities such as negotiating prices, terms, and conditions, whereas a broker typically focuses on facilitating transactions between buyers and sellers.

The need for a chaffer depends on the specific circumstances of your business. If you require assistance in negotiating contracts, deals, or other business arrangements, hiring a chaffer can be beneficial. However, it is not mandatory, and you can negotiate on your own if you have the necessary skills and knowledge.

To find a reliable chaffer, you can seek recommendations from trusted business associates, conduct online research, or consult professional organisations related to your industry. It is important to thoroughly vet potential chaffers, checking their experience, reputation, and track record before engaging their services.

Chaffers may charge fees based on various structures, such as hourly rates, fixed fees, or a percentage of the value of the negotiated deal. The specific fee structure will depend on the chaffer’s experience, the complexity of the negotiation, and the industry norms.

While it is possible for a chaffer to represent both parties in a negotiation, it is generally discouraged due to potential conflicts of interest. It is advisable for each party to have their own independent representation to ensure fairness and protect their respective interests.

Yes, a chaffer can be held liable for their actions or advice if they act negligently or breach their fiduciary duty towards their client. It is important for chaffers to act in good faith, exercise due diligence, and provide accurate and reliable advice to avoid potential legal consequences.

Yes, you have the right to terminate a chaffer’s services if you are not satisfied with their performance. However, it is advisable to review the terms of your agreement or contract with the chaffer to understand any termination clauses or notice requirements that may apply.

Yes, you can negotiate directly with the other party without involving a chaffer if you have the necessary skills and knowledge. However, it is important to consider the complexity of the negotiation and the potential benefits of having a professional negotiator on your side.