National Law University, Delhi in collaboration with Herbert Smith Freehills LLP is set to organise the 4th edition of the International Negotiation Competition from 08-10 September 2017.

The competition is the first of its kind in India  which brings together students of the top law universities across the globe. It introduces them to international negotiation and hones their skills, with the negotiation simulations closely imitating actual international environment. The problems comprise of a common set of facts known to all participants and confidential information known to only the participants representing a particular side.

In the third edition of the competition 30 teams participated, with the University of Sunshine Coast emerging as the overall winner. This edition promises to be even more exciting, with a total of 34 teams participating and which includes 22 teams flying down to India from across the globe.

The participants will first face two gruelling preliminary rounds. The first preliminary round, IN THE DRIVING SEAT, has a European ‘intermediary’ mobile taxi app giant, RideOn, negotiating an acquisition of an Indian based taxi service, HappyTaxi. While RideOn wishes to enter an emerging market whilst reworking its image as a socially responsible company, HappyTaxi has a known reputation for rejecting offers due to differing business values.

The second preliminary round, THE LION’S SHARE, takes us to Australia. The subsidiary of a large real estate business, IconEntertainment, and a leading energy drinks producer, BlueLion, are negotiating a new Joint-Venture to manage a music venue called ‘The Shell’. While BlueLion seeks to bring its youth-oriented brand image to the venue, IconEntertainment wants to first ensure a 50:50 financial commitment from them. 

As the teams dive into the quarter-finals, they will face the negotiation simulation called SPLASH DOWN. UK-based hydroelectric plant developer, Nymphs, will meet with US-based hydroelectric plant operators, Hydrom, for the sale of its latest Scottish project called Splash. Set amidst the political changes in Scotland coupled with harsh concerns, the future of the revolutionary plant is now at stake.

The semi-finals simulation is called A RACY SITUATION. ‘The Stable’ is a global stable with majority shareholding owned by NSWF. The CEO, Egon Mesk, is a stalwart of the industry. While the Stable had a glorious start, few poor seasons have recently led to termination of a major sponsorship. The majority shareholders want Mesk’s reign as CEO to come to an end, however he is unwilling to relent, having filed an injunction suit against them. The parties now meet to negotiate his position in The Stable.

Doing justice to what will be a power packed final round is a simulation called DANGER, HIGH VOLTAGE!  A major oil conglomerate, MOGL, following losses and bad publicity due to an oil spill, seeks to invest in an electric car company, Voltage, led by the eccentric CEO Ernie Tusk. Having dug up troublesome details about Voltage and Ernie during due diligence, MOGL now seeks this urgent meeting to discuss the future of their investment.

In addition to the valuable experience of interacting with teams from various countries, the competition has many rewards. At the end of the competition, the Best Negotiation Team is awarded a cash prize of 1000 GBP while the Runners Up will receive a cash prize of 500 GBP. The Best Negotiator and the team with the Best Negotiation Plan will receive a cash prize of 100 GBP each. The team which best represents the spirit of negotiation through their communication skills will receive the ‘Spirit of the Competition’ award alongside a cash prize of 100 GBP.

We look forward to seeing all the participating teams!

DAY 1: INAUGURAL CEREMONY, COMPETITION BRIEFING, AND PENALTY APPEALS 

18.00: Good evening, ladies and gentlemen! Welcome to the 4^th Herbert Smith Freehills – NLU Delhi International Negotiation Competition, 2017, jointly organised by the National Law University, Delhi and Herbert Smith Freehills LLP. As the last of the teams are finishing with their registrations and we're about to start with the opening ceremony, we also begin with our live updates of the events. In this edition, we have 34 teams participating, which are:

1. Auckland University of Technology
2. Australian National University
3. Bristol University
4. Chuo University
5. Dalhousie University
6. Deakin University
7. Durham University
8. Exeter University
9. Government Law College, Mumbai
10. Gujarat National Law University
11. Hidyatullah National Law University, Raipur
12. ILS Law College, Pune
13. Jindal Global Law School, Sonepat
14. King's College, London
15. Melbourne University
16. Monash University
17. NALSAR University of Law, Hyderabad
18. National Law School of India University, Bangalore
19. National Law University, Jodhpur
20. National Law University, Odisha
21. National University of Singapore
22. Obafemi Awolowo University
23. Ram Manohar Lohiya National Law University, Lucknow
24. Rhodes University
25. Sophia University
26. University of Colombo
27. University of Nairobi
28. University of New South Wales
29. University of Oxford
30. University of Queensland
31. University of Sunshine Coast
32. University of Technology Sydney
33. V.M. Salgaocar College of Law
34. West Bengal National University of Juridical Sciences, Kolkata 

18.05: And the proceedings are underway! On the dais this evening, we have Prof. (Dr.) Ranbir Singh, Vice-Chancellor, National Law University, Delhi, Mr. Chris Parsons, Chairman, India Practice, Herbert Smith Freehills LLP, Mr. Mark Bardell, Partner, Herbert Smith Freehills LLP, and Prof. (Dr.) G. S. Bajpai, Registrar, National Law University, Delhi. Meanwhile, Aadya Chawla (Student Coordinator) introduces to us this illustrious panel and this edition of the compeition.

18.15: Prof. (Dr.) Ranbir Singh is set to deliver the welcome address. He begins by welcoming all the teams to the event. He expresses his thanks to Herbert Smith Freehills for their continued partnership with National Law University, Delhi. Prof. Singh also thanks the team of hard working students who have put in so much work in organising this huge event. He stresses the importance of an institution working as a team in order to achieve the best results. He talks about the growing technological change in the modern world, and the need for focus on the human emotional quotient. He highlights how lawyering is constantly evolving and emphasises the need to look to the future. He ends on a light note, cautioning the participants to be careful with the spicy Indian food. An extremely visionary speech!

18.30: Mr. Chris Parsons shall now deliver the Introductory Address to the participants of the competition. He begins by talking about the extraordinary evolution of the competition over the past 4 years. He talks to the participants about forming new friendships, and how every interaction should be made with a perspective to understand the cultural differences. On a lighter note, he warns the teams of the might of the Australian teams in the previous editions. He happily declares that India is a second home for him and that he is quite like an Indian in several ways. Mr. Parsons welcomes each team with a huge round of applause from the audience and extends special thanks to National Law University, Delhi. Mr. Daniel Matthew (Competition Administrator and Assistant Professor of Law, National Law University, Delhi) receives special mention, because of his great work in the inception of this event. Mr Parsons ends with expressing his gratitude to all the participants and encourages them to take a look at Delhi and the surrounding area, in order to take in the beauty of India. What an inspiring speech!

18.40: Mr. Mark Bardell shall now speak to the participants. He mentions that he only has two tips to the budding lawyers in the audience. First, to enjoy the work that they're doing here, and take in the different aspects of the competition. Second, he mentions the importance of listening in a negotiation and wishes all the teams the very best. Short and sweet!

18.45: Prof. (Dr.) G. S. Bajpai will now deliver the vote of thanks. He begins by thanking Mr Chris Parsons for his presence at the competition. He emphasises on the importance of negotiation in the modern world, and how it is an essential component of the curriculum in any legal institution. He also thanks Mr. Mark Bardell for his wise words, emphasising on the need to enjoy everything we do. He also thanks Mr Siddharth Shukla (Senior Associate, Herbert Smith Freehills LLP) for his contributions to the event. He highlights the achievements of the students of National Law University, Delhi, in collaboration with Herbert Smith Freehills, and their great enthusiasm regarding the event. He thanks Aadya Chawla and her team of students for their work behind the scenes in the organisation of this event. Prof. Bajpai ends with hearty thanks to all the teams present at the competition and wishing them the very best for the next two days of the competition!

18.55: The inaugural ceremony has now ended, and we will now proceed to the competition briefing and penalty appeals. Since the events are limited to participants only, we take your leave. Hope you will all tune in to the excitement tomorrow!

DAY 2: PRELIMINARY ROUND 1, PRELIMINARY ROUND 2

AND

QUARTER FINALS

PRELIMINARY ROUND 1: IN THE DRIVING SEAT

Room 1 - Moot Court Hall - Team 1 v Team 13

10:35 - Good morning, one and all! We are underway with an exciting matchup, here in the Moot Court Hall. Both teams begin with warm greetings and introductions on both sides. Team 1 takes the initiative and begins the negotiation, talking about the history of RideOn, and also acknowledging HappyTaxi's importance in the Indian market. HappyTaxi expresses its concern regarding finding the right person to hand over HappyTaxi to. The teams agree on setting an agenda for the negotiation, putting forth the various aspects of the acquisition to be discussed. 

10:50 - CSR is one topic receiving special emphasis from both sides. RideOn is quite interested in finding out Happy Singh's future commitments, and he mentions his desire to stay on as a consultant with RideOn, post the acquisition. The teams get down to discussing the price and $200 million is HappyTaxi's offer. However, this is too high for RideOn. They would prefer something around the $100 million mark and staggered payments. Both teams are amenable to a 3-year payment model. 

Room 2 - 101 - Team 2 v Team 15

10:50 - After taking a scant moment to greet each other, the CEO of Happy Taxi launched into a monologue about the origin of his company, ensuring he passes it off into the right hands. The Head of Asian Development reciprocated warmly. The teams seem to be cordial and in agreement so far. The question is-will it last?

Room 3 - 102 - Team 3 v Team 10

Room 4  - 103 - Team 4 v Team 11

10:35 - Welcome everyone! This round starts with the two teams introducing themselves, with Team 4 representing Ride On and Team 11 representing Happy Taxi. Happy singh clearly tells the other party that they are here to sell the company. Ride On also makes it clear that it is interested in buying as they want to expand their presence in the Indian market.

10:45 - Happy Singh argues for a different approach for the Indian market and brings up governmental standards for environmental purposes. Ride on wants to know more about their model. While Ride On is critical about their subscription model, Happy Singh is in favour of it.

11:10 - Ride On doesn't seem to be able to accept the financials of Happy Singh after acquisition, and they seek to defer such discussion. Happy Singh wants 180 million excluding Go Taxi( subsidiary company) they counter offer with 130 million.  Happy Singh is clearly playing hardball by sticking to the money he wants. Ride On comes with 130 million plus 20 million as bonus, we think this may be the beginning of an offer war.

11:33 - Happy Singh offers a name-based resolution in order to strengthen their strategy. Ride on want to know more about their social initiative, while Happy Singh asks them to focus on environmental purposes. The negotiation ends in a good note.

11:48 - Q & A round begins. The judges are of the opinion that the teams seemed stuck at some point, and should have brought in personal guarantees at a later point. There are discussions about the need for a different agreement with a tax-beneficial method and the neutrality that Happy Singh's intimate involvement would bring to the negotiation - it seems that the judges are quite happy here! Well, everybody, that's a wrap!

Room 5 - 104 - Team 5 v Team 25

10:31 - And the negotiation has begun! Happy Taxi dives right into their passion for social responsibility, while RideOn emphasizes on their eagerness to expand into the Indian Market.  

Room 8 - 202 - Team 8 v Team 16

10:30 - The team begins on a pleasant note with the counsel of Happy Taxi gave an opening speech. Further, the counsel sets the agenda of the present negotiation and expresses what they expect from this negotiation.

Room 10 - 204 - Team 12 v Team 33

10:32 - And the competition begins!! Both the teams have welcomed each other and seem appear very calm and composed. Happy Singh's hard working-life story sets the stage for the negotiation. It's inspiring!! They feel that RideOn is a perfect match for them. RideOn gives their introduction. Their vision is exceptional.

Room 12 - 406 - Team 32 v Team 1

10:33 - Team 32 is representing RideOn while Team 17 is representing Happy Taxi.

Both teams open with pleasantries and RideOn even has a gift for Happy Taxi! whether it is a poisoned kiss or not will have to be Cerseen. Oh wow, we already have a disagreement - Happy Taxi wants to talk numbers while RideOn wants to address CSR. 

The teams are now sinking their teeth into corporate clientele. Happy SIngh makes a bold statement that he can assure Happy Taxi's top 3 clientele will remain even after a change in management. 
Negotiations are on, and still calm, but is it the calm before the storm?

10:46 - RideOn seems worried there is little information on the corporate clientele accounts. Happy Taxi assures them they have the books, they just don't have it now.. First Offer made! Happy Taxi 250 million dollars, GoTaxi included. Added benefits for the win! They strive to show how Happy Taxi is better along with GoTaxi as with the red tape in India and also the stringent regulations, it would be a win for everybody for both to be sold together. GoTaxi worth 20 million out of the figure, They reached these estimations using past deals, this is why you always pay attention to history kids( could get you millions)!

11:06 - Happy Taxi is now showing why environmental conservation is the best to focus on. Government will get off RideOn's back if they take care of environmental regulations.RideOn argues that the figure should be conditional on how many clients make the shift. Concern on Happy Singh's face as he explains how he is very uncomfortable with making an assurance like that before hand. 

11:26 - New Offer: Happy Taxi offers 230 million dollars out of which 150 million dollars are guaranteed while 80 million is contingent on corporate accounts etc. 100 million dollars in cash upfront though it can be paid across a timeframe. RideOn can agree to this but RideOn really wants those corporate accounts, Rest of the payment would have to be staggered. Lowest bar of Happy Singh is 180 million dollars. There we go, lowest offer, take it or leave it RideOn! 
We are getting closer and closer to a final amount, less than five minutes left and now we don't have a final figure. What is going to happen?

Unfortunately, looks like this fight will be finished another day.. Meanwhile, moving on to Q&A, the grilling starts as the judges want to know why there weren't many legal answers. It appears that the judges are impressed with the structure for the GoTaxi contract suggested by RideOn, but feel that there should have been more headway made through the point. and with the end of this Q&A session the negotiation has come to a close! Au revoir, people!

Room 13 - 408 - Team 19 v Team 31

Room 14 - 506 - Team 20 v Team 30

10:35 - The teams have greeted each other and are off to a positive start! It's exciting isn't it? You and me here, witnessing their performance! Team 20 is here representing Ride On, while Team 30 representing Happy taxi.

Room 15 - 515 - Team 22 v Team 27

10:30 - The team begins on a pleasant note with the counsel of Happy Taxi giving an opening speech. Further, the counsel set the agenda of present negotiation and expressed what they expect from this negotiation.

Room 16 - 517- Team 23 v Team 29

10:35 - Hello and welcome to the 4th edition of the HSF - NLU Delhi International Negotiation Competition! Here in Room 16 we have Team 23 representing Happy Taxi and Team 29 representing RideOn.

10:42 -  The teams begin by exchanging greetings and on a lively note but quickly get down to business. The client on behalf of RideOn explains to the other party how they have been very successful and how they are in a very good state in the beginning of the negotiations. It also seems that RideOn has done their research on Happy Taxi and into it's owner, Happy Singh.

10:52 - RideOn seems reluctant to purchase GoTaxi. The client from Happy Taxi agrees to their reluctance but on the condition that drivers from Happy Taxi keep getting their taxis serviced from GoTaxi.

11:06 - The parties get down to discussing the CSR concerns and projects of Happy Taxi and Happy Singh. RideOn states that they are interested in education projects and they want that the environmental CSR projects taken up by Happy Singh continue to be associated with RideOn after the sale if the sale does happen. The negotiation so far has been going on in a calm and friendly manner with a few friendly gestures from both the parties.  

11:25 - The atmosphere in the room is becoming serious as the discussions on sales figure continues. RideOn has proposed a sale figure of $140 million but Happy Taxi does not agree to it. It counter proposes an amount of $220 million seeing that RideOn does not want to purchase GoTaxi. The discussion on numbers continues and the client from Happy Taxi has offered $200 million for 80% stake in Happy Taxi. 

11:39 - The Q&A session with Happy Taxi begins! The judges ask them questions regarding their reason for not pushing harder for a higher price. Happy Taxi explains that they are happy with the price that they are getting right now especially seeing the fact that they are retaining GoTaxi.

11:50 - The Q&A session for RideOn has begun. The judge asks the party about how they felt the negotiations went to which the party replies that the management has to be notified about the new developments that arose during the course of the negotiations. The Q&A session for both the teams has ended. 

Room 17  - 518 - Team 24 v Team 26

10:45 - Team 24, representing RideOn, and team 26, representing HappyTaxi, humbly greet each other. 

PRELIMINARY ROUND 2: THE LION'S SHARE

Room 1 – Moot Court Hall – Team 1 v Team 18

12:55 - Good afternoon, everyone! An exciting round of negotiation lies ahead, between Team 1, representing Icon Entertainment, and Team 18, representing Blue Lion. The teams and judges have arrived, and we are all set to begin!

13:08 - Warm greetings and introductions on both sides characterise the beginning of the round, and we are on our way! The teams set an agenda for the negotiation, and put forward their respective interests. Both sides are very mindful of what the other brings to the table, and, straight off the bat, the teams delve into the financial aspect of their possible joint venture. From the very outset, Icon Entertainment has declared that they are very interested in Blue Lion getting fair value out of this deal. They wish to engage in an equal partnership with Blue Lion, but the latter only wants a 30% stake in the joint venture. 

13:23 - The teams move on to discussing the various rights and powers that the two sides will possess, post the agreement on the joint venture. Blue Lion lays strong emphasis on their brand image, citing the tremendous success of their drink in Australia. The number of branded events, to be held every year, is next discussed by the teams. Revenue is a big concern for Icon Entertainment, and they address the issue with respect to the number of events, since they would like 20 branded events to take place every year. This seems to be a bone of contention between the teams, since extensive discussions regarding it take place. 

13:38 - The teams proceed to discuss the vacant plot of land adjacent to the Shell - the venue, which is the core of the deal. Blue Lion believes that this land requires focused investment as well, since they intend to begin a BMX racing culture there. The terms of the lease are brought up next. Icon Entertainment suggests a reduction in the duration of the lease from 30 years. After considering this, $60 million is the figure that Blue Lion puts forward. However, they assure Icon Entertainment that there is more to come in the future. Icon  Entertainment does not seem to be completely agreeable to this, and they inquire about the reasoning behind the constraints. 

13:55 – Blue Lion brings up their desire to sell their own products at the Shell, in order to make sure that there is a reliable supplier to the Shell. IconEntertainment is open to an exclusive supplier agreement with Blue Lion. Blue Lion wants to rename the Shell to the Blue Lion Arena. However, Icon Entertainment clarifies that naming rights are possible only along with a 50:50 partnership. The teams are, however, unable to reach consensus on the terms of the agreement. Sorry folks, no shaking of hands here! 

14:15 - The Q&A session will now begin. First up, Team 1. The judges question whether they achieved what they wanted to, and the team has to admit that it was not an ideal negotiation. The judges pose some tough questions, but the team is commended on the techniques employed to bring the negotiation to a close. 

Next up, Team 18. The opening question remains the same, and the team admits to certain aspects of the negotiation not being very productive. The judges question the tactics of the team, and certain points that were brought up. The team is put into a tough spot, but they effectively satisfy the judges' queries. 

That wraps it up for this session! Do tune in to the quarter-finals! 

Room 2 – 101 - Team 2 v Team 9

12:55 - After some cordial greetings, Team 9, representing Icon Entertainment, launched the discussion by asking Team 2, representing Blue Lion, whether they had the authority to negotiate. Both teams resolving to negotiate in good faith, BL took the initiative to outline what points they would like to address. Well, this sure seems to be shaping up well!

13:05 - There sure seems to be some hardball negotiating going on in this room! BL has clearly outlined the fact that they feel a 20% stake would be enough. IE immediately leapt up, asking if that would be their final offer! Communication between teams seems to be an issue here as well, with both needing to clarify their stand on issues quite frequently! BL seems to be extremely cautious before talking about any issue. As more pertinent issues come up, who knows what will happen?

13:15 - The friction in this room is almost palpable! Both teams are clashing on issues of valuation, equity stakes and the number of events the iconic 'Shell' can host. While they concede on the value of reaching a consensus, there seems to be little movement towards the same! IE has imposed a contingency that if BL wishes to hold more than 20 events, they will have to acquire at least a 25% stake in the JV. As the time ticks down, the teams need to reach a consensus if they wish to close a deal!

13:23 - After tabling the discussion on the number of events that can be held in the interest of time, the negotiations turn to the development of the side plot. The discussion, however, seems to have completely stagnated. The teams seem to be going around in a loop, discussing the same issues repeatedly with no decision on the horizon.

13:30 - The discussion has now turned to exclusivity. IE feels that BL's sales aren't enough to warrant exclusivity and that they should have the right to sell drinks from other manufacturers as well. BL repeatedly keeps emphasizing their brand reputation, and how IE would benefit from an association with them. IE doesn't seem to want to budge an inch at all! Their counter-offers are full of contingencies and create more issues than they resolve!

13:40 - We may have our first consensus as IE finally softens their stance a little. They allow BL to have naming rights if they have a certain minimum stake. They are also allowed to sell their drinks at the 'Shell' for a period of 1 year, with certain considerations. With both teams attempting a cost-benefit analysis of their negotiation so far, it will be interesting to see how the discussion proceeds!

13:45 - The issue of veto rights regarding events seems to be the elephant in the room. Discussion doesn't seem to be proceeding at all! After yet another pivot, it seems that IE is not clear at all why BL wishes to enter this venture! BL dismissed their attempt to characterize their company as a drinks company. While the teams seem to be eager to close a deal, there is little effort to do so on both of their parts.

BL has firmly stated repeatedly that they won't be able to enter as 50-50 partners. The BL team seems to have some communication issues as well, with the counsel disregarding the CEO's appeal to talk on percentages rather than valuations. The counsel for BL seems a little befuddled as well, referring to 'million' as 'thousand'! After a tiring negotiation, an understandable error, really! 

14:10 - After a slow-moving negotiation, the time runs out before the teams can come to a consensus. The end of the negotiation ushers in the question-answer session with the judges. The judges too, seem to be confused over the issues discussed and seek a clarification. The judges ask IE for their strategy for the negotiation and are met with answers that seem insufficient.

With the close of the Q&A, we conclude this session!

Room 3 - 102 – Team 3 v Team 23

 13:00 - We are pleased to welcome you to the 2nd round of fourth edition of the International Negotiation Competition jointly organised by National University, Delhi and Herbert Smith Freehills LLP! We report to you live from the inaugural ceremony where we are about to begin the proceedings. Team '3' is representing ICON GROUP while LION is being represented by Team '23'.

13:01- The teams are introducing themselves with much respect. Lion is jumping straight into the issues. Icon welcomes that and proposes 50-50 investment share for the joint venture. Lion proposes to invest 45$ million but agreeing to be flexible. why not! 

13:11 - Teams are now negotiating on the naming rights of 'Shell'. BlueLineArena is what they want to name it. Icon proposes that to do that Lion will have to invest more than 36%. Intense bargaining taking place on this issue. No agreement on this issue as Lion is not ready to budge from its position. Truly lions! Now they move on to other aspects. 

13:25 - Now they are talking about affirmative and negative rights. Lion wants to develop a very cool image therefore it wants to control the events organized in the shell. lets see if icon disagrees to be Hot! Lion wants to organize young and energetic events in the shell. Not sure why Icon will want to organize old and lethargic events there? So here they are- both agreed to be cooler and energetic.

 14:00 - Icon stays for the QnA  and feedback session. They appear to be nervous. they encounter difficulty in explaining the judge about the future funding of the joint venture. They keenly takes the advice of judges on negotiation strategies. Judges advice them to be careful while agreeing on exclusive terms and that the termination of an agreement should be the worst case scenario. 

14:10 - Now is the time for the QnA and feedback for BlueLion. When asked why they cancelled the lease terms, they replied that they want to agree on that later. they also keenly take the valuable advice of judges. Judges also advice not to press much on exclusive clauses as that should not be the spirit of a negotiation. Exclusivity also begets a lot of legal issues and costs. Indeed your lordships!

Room 4 - 103 – Team 4 v Team 12 

12:54 - The two teams introduce in a cordial manner. Team 4 represents Icon and team 12 represent Blue Lion. They are off to a good start. Blue lion tells their focus on youth and tell their success as a national beverage of Australia. They come up with the naming rights and have some suggestion for the arena (Shell). Icon says that it could be talked upon only on the basis of nature of partnership and that they want 50:50 partnership but the other wants only 40 percentage. Blue lion emphasis is on the event it will bring in the event it will bring.

13:10 - Blue lion offers 60 million for 40% stake with naming rights. They think that naming arena as 'Blue Lion Arena' will attract more people specially youth. Icon wants a joined name 'Blue Lion Shell' like Brangelina (I hope it works). Blue Lion proposes that revenue per ticket to be 60:40. Icon wants future capital investment after initial funds is exhausted. Blue lion want to give money after some year and review how it is working with them. Icon says that their will get diluted if they don't give reinvest after some years.  

 13:25 - Icon insist to them to be equal partner but Blue lion is sticking to previous offer equally. Blue lion is ready to lower stake for same amount but still want control looks like power is what they are hungry for. They agree with shortening of review window and would invest on basis of how the arena is doing as a venture and keep some funds for emergency purposes, which will be talked about later. They are having a strategic team timeout here.  

13:35 - They are now discussing type of event to be held. Icon is open to any event, which would bring a ton of money ranging from music concert to monster truck. Blue lion want veto that no other beverage brand could not organize in the arena and feel strongly about that. Icon is not able to agree it. Blue Lion want control only on use of arena and not in others. They will be hosting at least 40 Blue lion event and ensure that arena is not empty. Icon wants some guarantee of a veto in some events.

14:08 - The Q& A session start with Team 4. The Judge feels that conclusion was not what was intended. Teams answer that there was confusion in negotiation and were not able t help it. The judge further asks about consequences regarding dilution, to which the team answer clearly and judges look satisfied. They ask about discussion on internal and external event to which they tell what number they came with for event and how they differentiated between internal and external to control the veto over events. Judges seem pretty satisfied and happy with the session.

Room 5 – 104 - Team 5 v Team 28

12:56 - The negotiation has begun! The teams begin with introductions, and start off by bringing out all the important things to be discussed in the negotiation today. The Shell seems to be an area of disagreement! Team 28, representing Icon Entertainment, wants to ensure that it is maintained in a certain way, to which Team 5, representing Blue Lion, is not willing to commit entirely. 

13:06 - Early on in the negotiation, Team Icon Entertainment has clarified that there are certain events that are non-negotiable, and will have to be hosted by the Shell in the event of a deal being reached. The teams seem skilled not just at negotiation, but also at puns! Sample this: It is important for Blue Lion to change the brand image of the Shell, for which the iconic arena might have to be renamed to the Blue Lion Arena. 

13:18 - There seems to be a lot of confusion with regard to the numbers! The teams are not clear on the figures given. So for now, assumptions have to be made in order to move ahead! 

13:29 - After a rocky couple of minutes trying to smooth out the wrinkles of confusion-- the teams are back to negotiating the terms of the deal! Blue Lion wants exclusive rights to supply soft drinks, and Icon Entertainment seems reluctant on conceding that without a trial first. 

13:37 - When Icon Entertainment says 3 months for a trial, Blue Lion says 3 years! Tough one to negotiate, but the teams agree on a year being a fair compromise. Icon Entertainment clarifies that they do not have deep enough pockets to throw money at Blue Lion's events. Blue Lion sees the events as a way to build brand value through their expertise, which would benefit Icon as well.

13:44 - The Blue Lion Shell has a nice ring to it! Compromises are being discussed on the name of the venue. In the final minutes of the negotiation, the parties are in agreement over most of the issues they outlined in the beginning. By the end of the session, the teams have agreed on a soft term sheet-- quite the achievement! 

Room 6 - 105 – Team 6 v Team 32

12.53 - The second round is between Team 6 (representing Blue Lion) and Team 32 (representing Icon Entertainment), and has begun with courteous handshakes followed by Blue Lion laying the land with their agenda and Icon reciprocating the goal to build a successful joint venture.

12.59 - Icon proposes a 50/50 partnership and creating a joint venture, which would be independent of the two companies, and valuate their 30-year lease at a 120 Million USD. Blue Lion seems amiable to that price, but would like naming rights to the Shell. This hits a soft spot for Icon considering the historical value the Shell holds.

Instead, they suggest that the adjacent plot can be named by Blue Lion. However, considering the capital injection Blue Lion is providing and the devaluation of the brand image of the Shell, Blue Lion equates the naming rights with their brand name, which they establish as their priority.

13.20 : A suggestion from the Blue Lion counsel which sits well with Icon is the name of The Shell- powered by Blue Lion, and this seems to be the first official agreement! The two then move to the financial aspect, with the Blue Lion putting down conditions regarding veto powers naming rights and branding.

Blue Lion want to hold a 30% stake, which they argue would give more profits and legal ownership to Icon, but want to host several exclusive Blue Lion events, and suggest ideas like Blue Lion Entertainment Festival.

13.33 - Blue Lion suggests a review board to decide the events, which would consist of members from both companies and an independent assessor, followed by an agreement from Icon. Despite the conflicting interests of the parties, they seem to be making headway!

They agree to the 30-year lease period as well as an injection of 60 Million USD upfront, and solve their headlock with an agreement on the 5 year period for the remaining 65 Million proposed by Icon. The last point of contention is the exclusive supplier contract, but as time is running out, we'll have to wait till the next meeting to see how they sort this out.

All in all, this seemed to have been a highly productive meeting!

Room 7 - 201 - Team 7 v Team 34

13:16 - And Round 2 is underway! We start with Martina, COO of Icon Entertainment expressing her heartfelt appreciation for this negotiation while Olivia, the executive representative from Blue Lion elucidates the key motivation for entering into this deal as the expansion of Blue Lion. The agenda is set as branding issues, amount of control in joint venture, stake to be acquired by Blue Lion, Blue Lion's usage of the fund and clarifications regarding 'Blue Lion TV'. 

13:26 - At the outset, Blue Lion denies its interest in getting into a 50% joint venture with respect to Icon Entertainment's heritage property, The Shell. Talks are initiated of giving a 30% 30 year lease valued at 75 million, to which Blue Lion expresses its apprehension insisting out more than 30 million. 

Moving on, in maintenance of the sentimental value of The Shell, both parties reach a point consensus in calling the property 'The Blue Lion's Shell'. It is also agreed that Blue Lion shall have the naming rights for the next 5 years with scope for re-negotiation in the event of further capital injections.With respect to advertising, Blue Lion expresses that it wishes to put up advertising signages at prominent places in and around The Shell, although, they agree with Icon Entertainment that the facade of the property should not be tampered with. 

13:43 - Blue Lion asks for exclusive rights and complete executive control over hosting 30 events at The Shell, with Icon Entertainment having the majority say in the management of such events. This proves to be a win-win for both since 70% of the profits go to Icon while Blue Lion gets to expand its brand. On seeing hesitation from Icon, Blue Lion asks for absolute rights for 30 events for 3 years with a re-negotiation after 3 years with respect to increased capital investment or to give Blue Lion 45 exclusive events with discretion in all other events. 

With regard to the soft drinks, Blue Lion wishes to enter into an exclusive service provider agreement, which is met with vehement disapproval and hesitation from Icon Entertainment. With no consensus reached upon, the parties bounce back ti the issue of valuation. Blue Lion asks that for the next 3 years, Icon does not take any other partner on board and if Icon agrees to this, they can raise their valuation from 30 to 45 million dollars for 30% holding, with 5 million dollars’ worth capital injection every year. 

14:10 - On being questioned over the rights of the joint venture that Icon shall transfer to Blue Lion, the latter expresses its aim to take 30% of the profits. On their stand of appointing an independent arbitrator, the judge grills them on the position of an arbitrator to 'resolve disputes' when both parties hold the right to veto. Icon Entertainment, too, had to justify as to what it believed to be the rights tied to the joint venture.

The judge struck down the position that Icon was assuming, by virtue of ownership of The Shell while the other judge questions their blind belief over Blue Lion's assertion that their 30 events shall be great. To this, Icon states that it has done its research and also demanded a plan from Blue Lion with respect to the same.

13.56 - Team 32, i.e. Icon Ltd. gets asked the questions first, which begins with the judges complimenting their team and soft skills! They then ask them questions regarding their decision about the subsidiary company, the review board and the inflation possibility, which seem to be adequately answered. 

On to the next team, the judges begin by pointing out how the aggression got in the way of the coordination of the counsel and client. However, they did compliment the team on their ability to achieve their goals, which Blue Lion does agree to, but they concede their slip up on the point of 5 year period for 65Mill where they initially began with 27 years. 

Both teams seemed to have agreed upon a lot and achieved their goals, here's to the end of a simulating round!

Room 8 - 202 – Team 8 v Team 21

12:52 - The negotiations have begun on a positive and enthusiastic note: Team 8 is representing Icon, while Team 21 is representing Blue Lion. Blue Lion has set the agenda by outlining their expectations. Icon has reciprocated in kind. Teams have gotten to business right away. Icon seems quite determined to hold all the cards. 

12:29 - Blue Lion seems to be worried about the $150 million, as that seems too high an amount. Icon is trying to reassure them but seems to be open to a counter offer. The teams have put aside the money issue, and move on to the ancillary issues. This is getting hotter! Icon appears to be anxious about certain issues but they seem to be willing to accommodate, whereas Blue Lion seems to be unwilling to budge on the exclusivity of their soft drink. Both the teams are determined to negotiate using only sound logical arguments. The thrill can virtually be tasted! 

13:50 - The teams are negotiating really hard for every penny now. Since Blue Lion has agreed to a 15% stake in the venture, Icon is unwilling to give them Veto powers. However, they have agreed to a preferential treatment. But Blue Lion is unhappy with this arrangement. Overall the heat seems to be reducing slowly due to the formidable skill of both the teams. But there still are some issues that are unresolved, despite trying really hard. Blue Lion appears to have an answer to everything, while Icon has all the right questions. 

13:55 - The teams have reached a settlement. Icon has agreed to give Veto powers to Blue Lion on after taking certain assurances, which they have readily given. This results from a  really hard negotiation at the last moment. The teams seem to really happy from the smiles on their faces. Now the teams have started going over what they've discussed. Aaaand ! It's over. The teams were really skilled. Look out world ! Some REALLY smart people are going to step into the real world soon.    

14:00 - The judges are questioning Team 8 now. Tough questions are being fired. The judges are questioning the team on technical aspects of the negotiation. The team seems confident. The questions about the business model seem really daunting ! The lease seems to be a problematic issue. The team seemed to have finally satisfied the judges.  

14:05 - Team 21 seems really calm and relaxed for the Q&A. The judges have directly started with the tough questions which the answers to which the team seems to know. In fact, I'd venture as far as to say that they seem happy. But the judges insist on going deeper and deeper into the issue. The speculative nature of the Q&A session is really interesting. It gives an insight on how the negotiation would have gone in real life. The team still seems to be confident, but less happy now. But they seemed to have satisfied the judges.  

Room 9 – Team 10 v Team 27

12:49 - The teams 10 and 27 start the negotiation in Court Room 9, exchanging warm greetings.They begin the negotiation about the joint venture between Blue Lion and Icon Entertainment. They directly jump to the issue of partnership and equity issue. 

12:59 - Blue Lion demands for discretion to decide the issue of infrastructural development of the Shell apart from deciding the managerial aspects. The teams seem to be in for some serious business with the discussions moving from having 50:50 joint venture partnership to other critical aspects of the joint venture. They are vying for an partnership and not just a lease agreement between them. Siblings in arms, eh?

13:20 - Money seems to be the language that the teams are speaking and both teams seem adamant about their price proposals . This clash between Blue Lion and Icon Entertainment seems to be igniting sparks on the negotiation table rather than in the Shell. Will these sparks turn into fireworks at the Shell? Stay tuned..

13:30 - Icon Entertainment seems to be aiming for a long relationship by setting the duration for joint venture at 30 years. They are aiming at going strong but Blue Lion doesn't seem to be ready for such a long commitment. Will they put a ring on it or just shake hands? Mere friends? Noooo, we want the ring! Just kidding, no pressure.

14:03 - With the negotiation coming to an end, the judges now present the teams with questions to get a better view about the overall negotiation by incorporating their views and ideas with the overall objectives set out on the negotiating table. 

Room 10 – 204 - Team 33 v Team 11

13:02  - And the second round begins!! Team 33 is representing Icon Entertainment and Team 11 is representing Blue Lion Pty Ltd. They start the negotiation with a broader motive. The starting points are set. The teams, as usual, are calm and composed. Blue Lion does not want a 50-50 partnership. The Lees that Blue Lion will offer is of 125 million dollars which will be divided in a 50-50 partnership.

13:15  - There seems to be a misunderstanding between both the parties. Icon Entertainment wonderfully explains the partnership and lease ideas about the venture to Blue Lion. They also point out that there is flexibility in the 50-50 partnership. At the outset, the contributions of each parties will lead to the shareholding of each party in the joint venture

13:27 - Equal contributions lead to Equal Shareholdings, which further lead to more development!! Indeed, that’s how you go about a joint venture. Blue Lion had alternative ideas on naming the Shell and they demand the naming rights. Icon is hesitant to do so. Blue Lion can offer monetary funds to lubricate that hesitance. The teams seem really competitive. 

13:50 - Icon Entertainment is not interested in having the naming rights. However, the minimum equity set by Icon entertainment for Blue Lion to have naming rights is 10%. Both the parties know the potential of the plot and the types of events that could be held. However, there is an opportunity cost with every brand-sponsored event. The teams diverge on this idea. The discussion continues on the number of events per week and streaming via Blue Line TV. Icon confirms if there are any plans to monetize the streaming of events.

14:15 - Icon entertainment takes the initiative of summarizing. There are agreements and disagreements on some points. The negotiation is postponed for another meeting, which leads us to the Q&A rounds starting with Icon Entertainment. Icon was looking for cash contribution. They think that they had the upper hand in the negotiation. Now comes the Blue Lion Pty. Ltd. The questions are primarily based on the joint venture model. The judges agree on the fact that the team seemed confused during the negotiation. Blue Lion confidently answers the questions put forward. The Q&A round ends!

Room 11 – 301-B – Team 13 v Team 14

13:03 - The representatives of Blue Lion propose a time division, proposing setting an agenda in the first 20 mins, brainstorming, unhindered by commitments in the next 25 mins, and finally putting ink to paper in the last 15 mins as the parties try to align their interests. Icon is clearly in a no-nonsense mood, as its counsel clearly states that 'The Shell' is not for sale, merely for lease, but his client suddenly breaks into a smile and tells the representatives of Blue Lion how wonderfully their products would suit the venue. Is it the good old good cop-bad cop routine here?

The client for Blue Lion states that they would like naming rights for the venue and wants to make suitable modifications to the event hosted, but without alienating the already existing user-base of 'The Shell'. 

Icon gets to the nitty-gritties and proposes a pro rata division of investment in the Joint Venture (JV), an almost equal division, though it does give room for a staggered payment over time.

13:11 - Blue Lion questions the need for a large initial capital injection, stating that the facilities of 'The Shell' that they intend to use shall only be used on an event-to-event basis and therefore they propose a lesser share in the JV for them, thus requiring a lesser financial contribution and netting only an event-by-event profit. The client for Blue Lion also states that they would like to become exclusive suppliers for the Shell.

 Blue Lion are really making their case here, as they state that it is not really financially viable for them to become equal partners in a JV, but they list what they can bring to the table. Though its not hard cash, the intangibles they state they can bring to the table, a sizable youth demographic, they can generate buzz for events and new, fresh drinks of course.

Compromise is the spirit of negotiation and as Blue Lion state the non-viability of heavy financial commitments, Icon Entertainment state that they can bring down the years of the lease, from 30 to about 20. Blue Lion is in agreement with this, as they say they'll need about 15 years to create enough of a buzz around the Shell to make it a mainstay on the music circuit. 

13:20 - As finances continues to remain an obstacle, Icon suggests that Blue Lion can give a less amount of money, but then shall only get a 40% share in the JV. However they state that this shall allow Icon Entertainment to give a wider scope on decision-making and expenditures in relation to the Shell. Blue Lion states that their primary agenda is a reasonable amount of control on the events that the Shell hosts.

Icon counters saying that due to the disproportionate share in the JV, they are not willing to give over full control of the events hosted in the venue. Rather Blue Lion can prepare an initial list of the events that they wish were hosted in Shell and the land adjacent, which would be scrutinized by appointed employees of Icon Entertainment and on passing their scrutiny would be hosted by full support from the JV.

14:10 - Blue Lion faces the heat, as the Q&A session begins. They are asked whether they secured their goals, but the team responds with saying that they actually exceeded their goals, having to get only about a 40% share, minimum, which they achieved. However the judge is skeptical of the fact that they will be able to give up to 75 Million Dollars after 3 yrs, if they are struggling to reach 55 Million initially.

The judge questions whether they had any problem with a third party in the JV. Blue Lion states that theoretically it wouldn't have been a problem, but their brand is paramount and it was foreseeable that this 3rd party would host events that would not conform to their brand image, something that is absolutely not in their interests.

14:23 - Now Icon is being questioned, specifically about the rationale behind their idea of involving a 3rd party in the JV. Icon state that it was to decrease the control Blue Lion would extend on the JV. The judge asks them what the final settlement was, and what was the final stake each party held.

The judge questions whether they were okay with issuing them 50% of the shares of the JV despite the fact, that they are only contributing 50 Million upfront for a 250 Million JV. Icon states they shall only give them shares commensurate to their initial cash injection and then shall issue them further shares of the JV after 3 yrs. The judge agrees and says that this is a more business minded method of settling the deal, and wishes them luck in their journey onwards in the competition.

Room 12 – 406 -Team 15 v Team 25

13:02 - Team 15 represents Icon Entertainment and Team 25 represents Blue Lion.
Pleasantries are exchanged by the teams and they look very keen to get into this negotiation. Blue Lion explains how brand image is the main reason for committing to this joint venture. Icon rebuts with their 125 million US Dollars estimation of the lease for the Shell for 30 years. Blue Lion responds with 20 percent that is, 40 million US Dollars. This seems like a large gap to bridge, are they going to be engineers and build it, or make the split deeper?

13:28 - The team delves into the side plot next to the Shell. And immediately after that we have an agreement on how the skateboard park should come up in the side plot. Blue Lion wants a minimum of 30 Blue Lion events and they have discretion over these events plus a veto over events which Icon can host in the Shell, Icon immediately disagrees and the arguments are getting heated in here. Icon and Blue Lion are sparring here over which party gets the discretion and veto when it comes to events hosted at the Shell. Though there are several arguments on issues, the teams seem to be making headway here.

13:42 - The offer as it stands at 40 minutes is, 40 million US Dollars, 20 Branded events, with Blue Lion having veto power if they give due reasons. The teams take a minute to confer. B. A compromise seems to have been reached on this where 25 Blue Lion events and where if the investment drops below 10 percent, Blue Lion loses the right to have Branded events. They have agreed to discuss this later. Now the thing Blue Lion have been itching to talk about, naming rights, the Blue Lion wants signage in front but Icon wants it to at the back of the venue.

14:00 - Final stretch of negotiation. Last five minutes and both parties have quickly decided to talk about naming rights at a later date. They agree to have an indemnity contract for Icon Entertainment during Blue Lion events. The parties quickly summarise what have been agreed to. And even here we have disagreements. That is it the round is over. The judges appreciated how well Blue Lion was able to make a distinction signage and naming rights so quickly. They were also impressed with their confidence and body language too. Judges praising a lot, now that's a sight! 

Phew! That was an intense session of negotiation, and with that this round has come to a close. I ain't Lion when I say this round will be ICONic.

Room 13 – 408 - Team 16 v Team 31

12:55 - And we start with Round 2. Team 16 represents Blue Lion while Team 31 represents Icon Entertainment. The teams discuss how both of them are considering a long term relationship. The agenda for the meeting has been laid out and the percentage of stake in 'The Shell' is being discussed.

13:10 - The number and the kind of events to be organized in 'The Shell' is now under discussion. Blue Lion is clear about the kind of events that should not happen in 'The Shell' as they are very concerned about their image. Organization of events seem to be an area of concern as their is a long discussion going on it. Both the sides have decided to form a panel to decide on the same.

13:41 - Both the teams have moved onto discuss their respective contributions in the joint venture. Now, Icon Entertainment is proposing various propositions, with regard to the same. With some agreement on this, Icon Entertainment wants to quickly discuss the naming rights before the meeting ends. Teams are now reviewing the agreements they have made today.

13:49 - Judges have begun by asking Team 16 about how they felt their negotiation went. Next, they answer the questions about the contribution that both the sides agreed on.

13:56 - Team 31 is really happy with how the negotiations went. They, then, answer what will they do if the other joint venture partner fails to infuse the capital agreed upon. In a separate issue, the judges feel that the point on the naming rights should have been discussed further.

Room 14 - 506 – Team 17 v Team 22

13:08 - So we are off to a very positive start and the teams have introduced themselves and greeted each other. Team 17 represents Icon entertainment, while Team 22 represents Blue lion. Blue Lion has proposed to invest in Icon Entertainment and are willing to negotiate on the amount. While Blue Lion seems to be making a lot of demands, they seem pretty confident about getting them.

13:46 - So the broadcasting issue appears to be resolved quickly, with the parties agreeing on sharing the broadcasting with equal interests. Both the parties seem to be back on track and are swiftly taking down the other issues too.

13:50 - Oh my god!! The parties just seemed to have wrongly calculated the share percentage, which differed by 75 million of cash. That is definitely a lot of money. The parties have again slowed down a bit and are frequently having a discussion among them - they just want to double check before they put out a statement.

14:05 - Last few minutes to the rounds and the parties have summarized their arguments and bingo!! The parties just realized that they have reached an agreement.

14:10 - We are now into the Q&A session and the judges call in first Team 17 (Icon Entertainment). The judges now are getting into the technicalities of the negotiation but are fully satisfied with their reply. Team 22 comes in now and the judges do compliment the team to have introduced seven issues and resolved six of them and got the amount of money in their baggage they wanted to.

Room 15 – 515 – Team 26 v Team 16

13:06 - The negotiation starts on a pleasant note. The teams decide at the very outset that they hope to reach a good settlement. Icon Entertainment lays out its agenda; it wishes to discuss issues like exclusive licensing, interest in naming rights, evaluation and future ,web streaming service of Blue Lion. The other team agrees and wants to discuss the nature of the Joint Venture. 

13:19 - Blue Lion shows interest in discussing naming rights, operations before jumping to numbers. The other team agrees and proposes discussion of the events that'll be hostel by Blue Lion. Blue Lion plans on hosting skateboarding, BMX, music events and look forward to 30 events per year. Blue Lion claims that it doesn't have legal interest in the property, but ownership events are significant! Icon Entertainment first desires to discuss the event-hosting aspect. Though it is okay with 30 events, Blue Lion has to maintain minimum 30% equity in the JV in order to exercise exclusive control over the events. Blue Lion agrees! The first settlement is done!! 

 13:30 - Icon Entertainment says that Blue Lion will get to supply it soft-drinks, on the condition that it maintains 30% equity. Blue Lion seems to disagree. Both the seem intent on discussing the equity percentage. Blue Lion wants to know if there are different equity caps, which Icon Entertainment explains that they just consider 30% equity as a bare minimum. The parties discuss this amicably. 

13:46 - Blue Lion raises its concern about the rights, and exercising those. It stresses on how it'll bring people into the Shell. But Icon Entertainment wishes to discuss the evaluation. Icon Entertainment would like. According to Icon Entertainment, Blue Lion's proposal of 60 million in the total JV share will fall short of the minimum requirement of 30%. Blue Lion stands on its position It focuses on all the benefits that it'll bring to the Shell. But Icon Entertainment feels that Blue Lion's proposal is not acceptable, it's too low an amount! 

 13:56 - Both the teams continue negotiating about the equity share. Blue Lion emphasizes on 65 million, as the last resort, but Icon Entertainment holds that 70 million has to be minimum, because it needs initial cash flow. At the risk of digressing, Blue Lion wants to know the extent of naming rights that it'll get. Icon Entertainment says that both the reams could sit together and decide the name. Blue Lion wants the naming rights for minimum 10 years, but Icon Entertainment does not consider keeping time-period on naming rights as a feasible option. Okay, both the teams agree on naming rights throughout. 

14:0 - Q-A has now started. The judges now question Icon Entertainment. The judges enquire about the reason for sticking to "30%", Icon Entertainment explains how it feels that 30% was a bare minimum. The team answers the questions confidently.

14:12  - The judges question Blue Lion now. They again point out certain important issues that weren't discussed, and certain strategical aspects of negotiation. The team is calm, and explains its position. 

Room 16 - 517 - Team 20 v Team 29

13:08 - The second preliminary round of the competition has begun! Here in Room 16 we have Team 20 representing Icon and Team 29 representing Blue Lion. Icon clarifies their interests to Blue Lion and the discussion on the Shell continues. The relationship between the parent company Icon Limited and the subsidiary Icon Entertainment Pty. Ltd is also clarified. The atmosphere in the negotiation room is serious and the parties have gotten down to business from the get go. 

13:36 - Icon wants the Shell to be the best live music venue and thus wants a capital injection. Discussions on the length of the Joint Venture and the various events, which will take place in the Shell ensue. Blue Lion wants at least 30 Blue Lion sponsored events in the Shell.

13:51 - The parties here are not holding any cards back and the negotiation is being carried out in a serious tone. More discussion on the target crowd, the branding, the new soft drink being introduced by Blue Lion and the use that Blue Lion envisages for the plot of land adjacent to the Shell take place. 

14:10 - The parties move on to summarising their discussion as the negotiation comes to an end. Time for the Q&A session!

14:16 - The Q&A session for the party representing Blue Lion begins. The judges ask them questions regarding their negotiation style and their idea of joint branding for the venue. Blue Lion explains their interests to the Judge.

14:27 - The judges now begin questioning the party on behalf of Icon. The judges drill them on their beginning the negotiations with a 50:50 requirement. The Q&A session now comes to an end.  

Room 17 –  518 - Team 24 v Team 30

13:09 -  Team 24, representing Icon Private Limited and Team 30, representing Blue Lion introduce themselves and set off the negotiation with their own structure of arguments. Lion starts off with the agenda of acquiring the naming rights of the shell and gradually dives into intricacies of the joint venture. Oh wait, Icon states that they would lease out the Shell for 125 million dollars with a 50-50 joint venture! Blue Lion views the proposition as too confining, and disagrees with the 50-50 split. 

13:25 - After a series of disagreements on multiple issues from deciding the nature of events allowed to be held in the Shell to veto rights, the conversation shifts to classical music, Beethoven, and Neo Nazi marches - seems like they have an interesting spectrum of issues to discuss! The negotiation turns itself again to the monetary digits of investment, with Blue Lion trying hard to lower its investment rate. Icon appreciates their mutual agreement for sufficient profits and increasing quality of the venue. 

13:39 - Woah, Blue Lion seems to be getting what it wants while the Icon tries to constantly hush the proposed investment rates under the carpet. They don't quite succeed in deciding whether there should be a 20% investment for 5 years or just 5 million dollars, but it looks like they're shuffling topics to hide their inhibitions about each other's proposals. Finally, Blue Lion agrees to 6 million! We finally head to be on the same tangent. 

13:50 - Blue Lion confesses that almost all colas taste the same and Icon responds with a definite reasoning mentioning the particular and differentiated fans of Pepsi and Coca-Cola. Who could've thought that the negotiation would involve the nature and taste of soft drinks?! Icon states that profits are not of a major concern to them, but the confidence of the customers should not be harmed from the consumption of soft drinks. Hail the power of soft drinks!

14:03 - With only 5 minutes remaining, it looks like the negotiation has almost come to an end. Both parties after sharing significant moments of silence, and consulting their partners, finally agree on 30 million for 3 years as the initial investment and a 70-30 split (quite in favor of Blue Lion). It appears almost like a feat after some taxing dialogue, ranging from naming rights, arbitration, and alternative measures for the investment breakdown. The negotiation shows signs of being controlled by Blue Lion majorly but may the odds be in favor of the best drink! 

15.30 -  Quarter-Finals: Breaks

The breaks for the Quarter-Finals are now out! The eight teams that have moved forward are:

1) University of Technology Sydney
2) Dalhousie University
3) Melbourne University
4) University of Queensland
5) National University of Juridical Sciences, Kolkata
6) Bristol University
7) Exeter University
8) National Law University, Odisha

QUARTER FINALS: SPLASH DOWN

Room 2 – 101 – NLU Odisha v University of Technology Sydney

16:30 - Warm greetings characterise the beginning of this session, and the two teams, without beating around the bush, get right down to it. Both teams want mutual exclusivity, and want to make sure that the other's interests lie in the same direction. Hydrom professes full support to Nymphs, with regard to their negotiations with SoS, expressing their great interest in acquiring Splash One. Charlie Trout, the CEO of Nymphs, talks about his positive relationship with the President of SoS, and desires to transfer this relationship to Hydrom as well.

16:45 - Hydrom is prepared to sign an undertaking to fund SoS's projects, but in return, they want an assurance from SoS that no further protests regarding the depletion of salmon in the River Forth will take place. Hydrom questions Nymphs regarding the independence of Scotland from the UK, which would result in subsidy cuts for energy, which could cause a problem to the functioning of the power plant. Nymphs is not open to a MAC clause in the agreement, unless prior discussions regarding its scope take place. 

17:00 - The teams move on to discussing diligence. Hydrom desires to learn about the process that Nymphs employs in obtaining consent, but Nymphs is not too enthusiastic about this, since it involves the disclosure of sensitive information. The teams, thus, discuss the possibility of a non-disclosure agreement. Nymphs, however, is more amenable to disclosure, if and when an issue arises. A long discussion takes place on indemnity clauses, with assurances that any dispute in the future would be settled amicably. Nymphs is eager to sign the deal within the month, so that negotiations with SoS can also be sped up and concluded. 

17:15 - The teams discuss the timeline of the deal, as Hydrom is not entirely agreeable to a 6 month-long process to hand Splash One over to them. The teams finally agree on 5 months; bridging the divide between the two teams. Now comes the most important part - the price. Nymphs is looking at $120 million, while Hydrom wants to pay $100 million. For Nymphs, it's been a long investment, both of time and money. Nymphs suggests a bonus gain, if the revenue of Splash One goes along projected lines. They want $110 million upfront, with the remaining $10 million being paid over the next 5 years, subject to certain milestones being met. 

17:20 - Unfortunately, due to lack of time, the teams are unable to reach an agreement, and are forced to postpone further discussion. Well, you can't have everything! 

17:45 - We move on to the Q&A sessions now, beginning with Team 33. The judges put forward some very intricate queries, which are effectively and clearly answered by the team. Several of the techniques and methods used by the team are questioned, but they have strong reasoning to back their actions.

Moving on to Team 19. The judges' questions cover a wide range of aspects of the team's arguments, and the team is kept on its toes to prove its points. The judges even provide a certain amount of feedback to the team. 

With that, we come to the end of this session of the quarterfinals! A class apart, as far as negotiation is concerned!

Room 4 – 103 – Exeter University v Dalhousie University

16:31 - The stakes are high in the quarterfinals. The parties set the agenda as the price and technology of the deal as also the details of the arrangement and to foster a synergy that would protect the interests of both parties. Great Hydron doesn't waste much time in addressing the elephant in the room and asks Nymphs point blank about the threat that the 'Saviours of the Sea' (SoS) could prove to the deal. Nymphs downplays the magnitude of SoS and states that it shouldn't be a hurdle.

16:48 - Further, Nymphs predicts it can be done with the consent process for the 'Splash' project within 4 months. Hydrom agrees, but asks for leeway to explore other avenues if the consent process takes too long. Hydrom also expresses concern over the political uncertainties with respect to the referendum. 

17:00  - Hydrom asserts for a 5-month period of exclusivity wherein the parties can decide issues of SoS and maybe have an audit in that duration.  The parties, in addition to reaching upon a consensus on the period of exclusivity, also agree on 14 weeks as the time period for the completion of the project. In a bid to protect its interests, Hydrom asks for the insertion of a termination/re-negotiation clause, which is agreed upon. 

Further, Hydrom agrees to accept the risk with respect to SoS, if Nymphs can accept the risk of the Scottish referendum. Hydrom demands that Nymphs returns them the sale price if a second referendum goes through since there investment in this deal is a lot more than Nymph's.  Further, Hydrom also proposes that it will not add a Material Adverse Event Clause (MAC clause), if Nymphs is ready to reveal their books to Hydrom to check their licenses, regulatory standards and risk assessments. Hydrom also proposes to sign a non-disclosure agreement to protect Nymph's intellectual property.

17:10 - The parties then move towards the much anticipated 'money' talk, wherein Hydrom proposes to pay 80 million upfront, which it raises to a 90, stating that they have met Nymphs halfway on every other tangent. They go so far as to state the possibility of prospective partnering for their future hydroelectric ventures, if Nymphs is ready to lower the 120 million sale price. Hydrom also agrees to pay 5 million for certification that Nymphs would require for their next project with Hydrom.

17:20 - Nymphs states that its Board has restricted it from going below a 115 million, to which Hydrom proposes that if it agrees to pay the said amount, it becomes entitled to 20 million off of Nymphs' next project coupled with deliberations in the future about the inclusion of a MAC clause. Parties reach a point of consensus. 

17:35 - On being questioned as to why they agreed to a 20 million share being given to Hydrom, Nymphs states that they saw the potential to exploit the ambiguity of the proposition, which is why they did not agree to the 85 million upfront payment proposed by Hydrom, even though it could've proved to be more lucrative. 

17:45  - Next, Hydrom was 'put on the stand' and questioned about anything they thought was a slip up. To this, Hydrom replied by saying that maybe the price could've been a slight slip up, although it did give them a portal to build a relationship with respect to Nymph's next initiative. Hydrom was also grilled about its liberal approach of taking half the fall for SoS to which it states that it would want to look at Nymph's audits and then take positive steps towards SoS. The judges also pointed out loopholes in Hydrom's exclusivity period, since such was not absolute and could be overturned by the courts in certain situations. Lastly, Hydrom was also questioned about the lack of consensus on audit of Nymphs Ltd. and the MAC clause.

Room 5 - 104 – University of Bristol v University of Melbourne

16:55  - The teams have exchanged pleasantries and the round has begun on a positive note. Both the teams seem confident and determined. Team 25 representing Hardhome, while Team 27 for Water Nymphs. The teams have made their respective agendas clear, and expressed what they hope to achieve from this negotiation. The beginning of the negotiation seems to be about consensus. The parties have set the ground rules and started with business. The counsel for Hardhome has started asking tough questions about the details of the project, but Nymph seems to be well equipped to answer them. The skill of the teams is evident early in the negotiation, and they seem to working really well in order to be successful in their respective aims.  

17:15 - The first dispute seemed to have popped up. Nymph has brought up some concerns about the project, and Hardhome seems to be trying really hard to address the concerns. As the discussion becomes more and more intense, more and more problems seem to coming up. New disputes are popping up continuously and the teams are working very hard to resolve them in a way, which serves their respective interests. Water Nymph is coming up innovative ideas to resolve the issues. But the problem is the disagreement on core issues. Let us see how this works out. The tensions are reaching unprecedented peaks.  

17:30 - Oh dear lord! Finally some relief. The teams have finally reached some kind of consensus after tough negotiating. Hardhome negotiated really smartly to have the price suit their aims, while the team period seemed to be the mutual effort both the teams. The most interesting thing about this particular negotiation was the determination of both the teams to have their way, but reach a settlement nevertheless. 

17:37 - The Q&A session has begun on an interesting not. The judges have asked Team 25 to explain the reason why they chose to negotiate in a particular order. The team seems confident enough that they knew what they were doing. The judges ask more questions about  why the team seemed so interested in  a particular issue. The team gives a seemingly satisfactory answer. The judges look happy with what they hear. The overall mood of the Q&A session seems to be pleasant. 

17:46 - Q&A session for Team 27 begins with a couple of direct and to the point questions from the judges, to which the team gives clear and concise answers. The judges have begun to cross-question them about their answers. However, the confidence of the team does not seem to reduce. They appear to pretty clear about their strategy, which they are explaining quite well. The judges seem to be quite impressed. They do find certain problems in the answers, which they seem to explain. The Team takes it quite well, and gives inputs, which again seem to make the judges happy. The judges ask a couple of more small questions and the team gives confident answers. With this Q&A session is over. 

Room 6 - 105 - NUJS, Kolkata v University of Queensland

16:23 - After a round of courtesies, Team 20, representing Water Nymphs, and Team 31, representing Great Hydrom, reaffirmed the fact that they had the authority to negotiate on behalf of their companies. WN jumped straight into the deep end, taking the opportunity to address the issues with SOS. They assure that they'll get the organisation on their side and that the salmon population would not be affected. Both teams seem to be taking the discussions slowly, engaging in great depth and seem quite responsive. Let's see how the discussion proceeds!

16:39 - The protest by SOS seems to be taking over the discussion. GH, being an environmentally conscious company, doesn't want to invest in a problematic asset. WN too, believes in keeping the organisation on their side and assures that the problem will be dealt with. Both teams seem quietly assured and are definitely on the lookout for their mutual interest, a quality both surprising and rare! Discussions seem to be moving as the teams shift to talk about the financial investment. This discussion is bound to be interesting!

16:50 - Things still proceed smoothly as GH proposes exclusivity between themselves and WN, which WN is amenable to fit into their timeline. While the first price proposed by GH is much lower than expected by WN, we see the signs of a blossoming relationship as both teams seem agreeable to conduct business together in the future! GH also proposes a clause to protect them from the fallout from the Scottish referendum, which WN seem reluctant to sign. After all, who could control the political consequences?

16:56 - We may be seeing the first signs of friction over the whether WN's acceptance of a lower price would express their interest in the transaction and over the result of the Scottish referendum. WN wouldn't like a termination event clause in the Material Adverse Affects clause, but seem conciliatory to it if GH is adamant on it. The outcome of the referendum is emerging as the elephant in the room, which needs to be addressed. 

17:05 - WN takes a moment to confer amongst themselves and then proposes replacement of the termination clause with an option to renegotiate. There seems to be a miscommunication as well, as the CEO of WN agrees in principle to the clause while the counsel feels the need to clarify further. With the addition of the exclusivity clause as well, there are smiles all around and a general air of consensus in the room!

17:11 - The discussion now moves to the issue of due diligence. WN seems reluctant to divulge their trade secrets, though, leading to GH proposing a confidentiality clause. And again, we have consensus as both teams agree to one! Both teams seem surprised at how quickly they've concurred to the majority of the issues! Both WN and GH then sketch out a timeline that works for them. They also agree on a one-month exclusivity period provided that GH receives the due diligence. Consensus seems to flow like greased lightning here!

17:20 - The issue of SOS has again cropped up into the conversation. GH has committed to helping in salmon farming initiatives to appease them. WN also seems to want to play it safe, requesting a 6-month extension to negotiate with the organisation as well. Surprisingly, the CEO of GH agrees even though it may delay the timeline! They also agree to continue their business relationship. NW, moreover, seems amenable to even taking a substantially reduced price in order to continue their business relationship over the property in Wales.

We seem to have a record-beating finish as both parties finish their negotiation before time is called!

22:00 - Semi-finals: Breaks

After a grueling Quarter Final round and a really fun night at Lodi - The Garden Restaurant, we are proud to inform you of the 4 teams that are progressing to the Semi Final Round. They are:

1) University of Technology Sydney
2) Exeter University
3) Melbourne University
4) University of Queensland