A negotiation is the act of negotiating between two or more parties who attempt to agree on terms or details of a situation. It is more defined by the following:

1. General: Bargaining (give and take) process between two or more parties (each with its own aims, needs, and viewpoints) seeking to discover a common ground and reach an agreement to settle a matter of mutual concern or resolve a conflict.

2. Banking: Accepting or trading a negotiable instrument.

3. Contracting: Use of any method to award a contract other than sealed bidding.

4. Trading: Process by which a negotiable instrument is transferred from one party (transferor) to another (transferee) by endorsement or delivery. The transferee takes the instrument in good faith, for value, and without notice of any defect in the title of the transferor, and obtains an indefeasible title.

Source: www.businessdictionary.com