A counteroffer is a response made by the recipient of an initial offer, typically in a negotiation or business transaction. It is a proposal that modifies the terms and conditions of the original offer, often with the intention of finding a middle ground or reaching a mutually beneficial agreement. A counteroffer can involve changes to the price, quantity, delivery terms, or any other aspect of the initial offer. It is a common practice in negotiations as both parties try to find a compromise that satisfies their respective interests.
A counteroffer is a response to an initial offer in a negotiation, in which the terms of the original offer are changed.
A counteroffer is not legally binding until it is accepted by the original offeror. Until acceptance, both parties are free to continue negotiating or withdraw their offers.
Yes, you can make a counteroffer at any point during negotiations, even after rejecting the initial offer.
Yes, a counteroffer can be revoked at any time before it is accepted by the original offeror.
Yes, a counteroffer can be made verbally, in writing, or through actions that indicate a change in the terms of the original offer.
If both parties make counteroffers, they are essentially rejecting each other’s initial offers and entering into a new round of negotiations.
Yes, counteroffers are common in contract negotiations as parties seek to reach mutually acceptable terms.
If a counteroffer is accepted by the original offeror, it can lead to a binding contract with the new terms.
Yes, making a counteroffer is a way to reject an initial offer while still expressing a willingness to negotiate.
There is no specific time limit for accepting a counteroffer, but it is best to respond in a timely manner to keep negotiations moving forward.
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This glossary post was last updated: 13th April 2024.
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