Bargaining power

Bargaining power refers to the ability of a party to influence the terms of a negotiation or agreement. It can stem from various factors, such as access to resources, alternatives available, urgency, or demand for the item or service being negotiated. A party with strong bargaining power can negotiate better terms, such as price or conditions, while a party with weak bargaining power may have to accept less favorable terms. Essentially, it’s about who has more leverage in a negotiation situation, which can significantly impact the outcomes of deals or agreements.