Negotiation & Follow Up

Business negotiations can be perceived from the perspective of relationships, rather than the deals that can be made

During talks, Hungarians are more direct than polite

Most Hungarian businessmen seem to enjoy bargaining and wise negotiators make

The opening bid should be pragmatic, but at the same time should include enough room for manoeuvre

Hungarians are known to be well prepared and flexible in business negotiations

Written memos usually sum up the main points of any discussion, the decisions made and the actions to be taken

Send out meeting summaries several days after the meeting

Once both sides have come to an agreement, it is important for the Hungarian partner to confirm the agreement, in writing and shaking of hands

It is important to ensure that all agreements and decisions, are written and agreed to in both languages to avoid confusion and misinterpretation

Signing of a written agreement is a formal and necessary recognition of the end of negotiation

They are ready to compromise only if they had already included this as one of the possible solutions

Talks can last for different periods of time

Negotiating with the public sector usually takes longer than with the private sector

Hungary has approved and signed the most important international conventions against corruption

Agreements should always include detailed descriptions of action items, deadlines, milestones and the name of the person who will be responsible for each piece

It is always a good idea to write to your hosts, and thank them for their time and efforts following the meeting

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