Regarding possible breach of contract obligations

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A consulting firm and a bank are trying to resolve issues regarding a possible breach of contract obligations. They are in the negotiation phase and have agreed that the consulting firm will withdraw its lawsuit against the bank in return for a 3-year contract, where they will receive roughly $100,000 each year. The initial offer of the bank was $75,000, but after a lengthy discussion they decided to increase it. Why is this an example of the bargaining and problem solving phase?

Reference no: EM133654625

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