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These qualities interact and depend on each other. | These qualities interact and depend on each other. | ||
''Fair'' agreements must be ''clear'' for customers to realise they are fair. ''Clear'' agreements will inspire ''confidence'', in your own staff, thus distracting them from the [[Casanova principle]] and toward ''fairness''. ''Clarity'' and ''fairness'' lends itself to ''consistency'', since your customers will find less cause to negotiate.''Clarity'',''fairness'', ''confidence'' and ''consistency'' make for ''simplicity'' a simple record that is easy to maintain, roll out and, heaven forfend, enforce. | ''Fair'' agreements must be ''clear'' for customers to realise they are fair. ''Clear'' agreements will inspire ''confidence'', in your own staff, thus distracting them from the [[Casanova principle]] and toward ''fairness''. ''Clarity'' and ''fairness'' lends itself to ''consistency'', since your customers will find less cause to negotiate. ''Clarity'', ''fairness'', ''confidence'' and ''consistency'' make for ''simplicity'' a simple record that is easy to maintain, roll out and, heaven forfend, enforce. | ||
===Fair=== | ===Fair=== | ||
{{Quote|“There could be no negotiating with terrorists.” | {{Quote|“There could be no negotiating with terrorists.” | ||
:—Attributed to Richard Nixon}} | :—Attributed to Richard Nixon}} | ||
{{Drop|[[Qualities of a good ISDA|F]]|airness as an}} abstract quality seems like one of those lip-servicey, all-very-well-in-theory ideas that got you good grades in that [[alternative dispute resolution]] module but is sure to ship a haymaker to the jaw on first contact with the real commercial world. We are enculturated to treat a negotiation as some kind of trench warfare: as if we are facing | {{Drop|[[Qualities of a good ISDA|F]]|airness as an}} abstract quality seems like one of those lip-servicey, all-very-well-in-theory ideas that got you good grades in that [[alternative dispute resolution]] module but is sure to ship a haymaker to the jaw on first contact with the real commercial world. We are enculturated to treat a negotiation as some kind of trench warfare: as if we are facing a mortal enemy and not our customer. It is true that our customers tend to be similarly disposed — ''fairness'' never gets a chance to break out. | ||
But this is no [[single round prisoner’s dilemma]]. To show fairness is not to show weakness, but ''strength''. | But this is no [[single round prisoner’s dilemma]]. To show fairness is not to show weakness, but ''strength''. | ||
JC is by lifelong experience a [[sell-side]] guy: he comes at this from the perspective of a merchant contracting with its customers. Hip types call these “B2C” deals, but the JC is not a | JC is, by lifelong experience, a [[sell-side]] guy: he comes at this from the perspective of a merchant contracting with its customers. Hip types call these “B2C” deals, but the JC is not a one of those. Merchant and customer are, generally, on the same side: their interests conflict, but gently: the merchant wants a [[commission]] or a mark-up, the customer wants a good price, but beyond that each wishes earnestly for the other’s continued prosperity. | ||
Things can get chewy at the extremes — but most customers never get near a [[tail event|chewy extreme]]. | |||
A presumption of any negotiation is [[good faith]]. ''Some'' level of trust. We don’t negotiate with terrorists. | Now, we sell-siders may occasionally engage with ostensible ''hostiles'' — competitors, for example — but when we do, we abide by an unspoken pact of [[good faith]] for the limited ends which have brought our warring sides together. We must, at some level, trust one other, or have a common interest, or we would not contract at all.<ref>[[David Graeber]] makes a fascinating point when discussing the ''non''-origin of currency out from [[barter]]: [[barter]] is an arm’s length trade of equivalent goods conducted between parties who are dispositionally ''rivals'' and not partners. Once the exchange happens, nothing is left on the table; there is no presumption of enduring goodwill, no expectation of further business, or any kind of obligation undischarged. A barter is an exchange conducted with untrusted aliens. Inside your community, where there is trust, we are less compelled to extract our precise pound of flesh: there is a give and take; we let obligations lie undischarged and they acquire a moral quality. These are the ties that bind — the imperative becomes to ''avoid'' fully discharging our dues to each other. This is the relationship we should aspire to with our customers. We trust them to pay later — we extend ''credit''. (Hence money emerged not from fair value barter with strangers but as a way of evidencing indebtedness amongst those who knew each other. You don't extend credit to aliens.</ref> | ||
So a presumption of any negotiation is [[good faith]]. ''Some'' level of trust. We don’t negotiate with terrorists. If you can’t trust your counterparts, {{plainlink|https://www.bbc.co.uk/iplayer/episode/m001w2dd/the-traitors-australia-series-2-episode-9|this}} happens: The Traitor’s dilemma. | |||
In any case, the “merchant-to-customer” contract is, by a landslide, the most common kind. Those with any [[in-house counsel]] experience of bona fide, non-existential, customer disputes know one thing: if there is any doubt — and frequently, when there isn’t — ''the business will roll over''. No-one takes a point with a solvent client. | In any case, the “merchant-to-customer” contract is, by a landslide, the most common kind. Those with any [[in-house counsel]] experience of bona fide, non-existential, customer disputes know one thing: if there is any doubt — and frequently, when there isn’t — ''the business will roll over''. No-one takes a point with a solvent client. |