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February 28, 2011

1. Precedents

Prepare

Jeff Cochran

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Knowing precedents gives you the power of the past. You can quote or cite, as well as learn from, those events that have already happened, thereby giving legitimacy and credence to your position. Knowing how similar transactions turned out in the past may also guide you in structuring this one. But don’t just focus on a single precedent, such as the one that supports you position. Be familiar with the precedents the other side might use.

Case and point: Cal Ripken’s 1992 contract negotiation. Our precedent was the highest paid player, the Orioles was the highest paid short stop in the game.

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