A more thorough explanation:

Definition: Negotiation is the process of two or more parties discussing and bargaining to reach an agreement. This can happen before entering into a contract or to settle a dispute outside of court.

For example, when two companies are merging, they will negotiate the terms of the agreement, such as the price, liabilities, and conditions for closing the deal. Another example is when two individuals are in a dispute and they negotiate to reach a settlement without going to court.

These examples illustrate how negotiation involves a discussion and compromise between parties to reach a mutually beneficial agreement. It is an important skill in business and personal relationships.