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Interest based negotiation is an established technique for negotiation in which the parties meet to identify, discuss the issues at hand and attempts to arrive at a mutually acceptable solution. It is a positive effort by the parties to resolve a joint dispute in collaboration rather than competition. The main focus of such negotiation is to negotiate on common interests of the parties rather than their relative power or position. It helps to reduce the importance of how the dispute occurred. It creates options that satisfy both mutual and individual interests. Interest based negotiations are also referred to as principled or win-win negotiations or interest based bargaining. This informal process is one of the most important methods of dispute resolution.