Commercial transaction covers broad areas of business, trade, commerce, sales, consumer protection, contracts, banking, bankruptcy, credit transactions, secured transactions, real estate and others.
An interesting aspect of commercial transaction for this purpose is partnership which involves two or more persons at an unincorporated association level where they contribute in cash or kind towards carrying on a business in common with the aim of profit.
The relationship at this level is dependent on the many rights and obligations of the partners to one another that flow from the agreement between them. Therefore, commercial negotiation will help reach negotiated agreement between two or more personalities involved in commercial transaction such as sale of good, hire-purchase, partnership.
Nature of Commercial Dispute
Parties include management, suppliers, government, customers, trade union, legal advisors, public or colleagues. Some of the issues are: striking a contract with the customer; negotiation for price and quality of good to be purchased; negotiation with financial institutions for available capital; negotiation for pay, terms and working conditions; increasing productivity and for description of the job and fixation of responsibility.