Stephen Key, co-founder of inventRight, lists surefire strategies for negotiating contracts in his latest post. He also writes that "A fair deal should result in both parties feeling a little pain."

While business owners may pore over the fine-print of every contract to avoid as much pain as possible, Key says starting with big picture items saves both sides a ton of time and resources.

In this Google Hangout, he discusses how to structure a term sheet, and why what you say and how you say it are equally important.

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