negotiation
n. C / Un. a formal discussion between people who are trying to reach an agreement. You use this when two sides have different goals but want to find a solution together.
n. a formal discussion intended to produce an agreement or settlement between parties with differing interests. Often used in the plural to describe the process as a whole.
The contract is currently under negotiation.
After weeks of intense negotiation, the two companies finally agreed on a fair price for the merger.
The success of the peace treaty depended on a delicate negotiation of territorial boundaries that had been disputed for decades.
Borrowed from Middle French négociation, or from Latin negotiatio (“the carrying on of business, a wholesale business”), from negotiari (“to carry on business”); see negotiate.
Often used with the prepositions 'with' (the party) and 'for' or 'over' (the object of the discussion).
They are in negotiation about of the priceThey are in negotiation over the priceWhile 'about' is understood, 'over' or 'for' are the standard collocations when discussing the subject of the deal.