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The term “negotiated agreement” has two different meanings. A negotiated agreement refers to a settlement that disputing parties reach between themselves, especially with the help of their attorneys. However, this happens without the benefit of formal mediation. In this context, a negotiated agreement is also termed as negotiated settlement. A negotiated agreement also refers to a contract which is awarded on the basis of a direct agreement with a contractor. This avoids a competitive bidding process. In this context, a negotiated agreement is also known as a negotiated contract.