Counteroffer

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Counteroffer

In contract law, a proposal made in response to an original offer modifying its terms, but which has the legal effect of rejecting it.

A counteroffer normally terminates the original offer, but the original offer remains open for acceptance if the counteroffer expressly provides that the counteroffer shall not constitute a rejection of the offer.

The Uniform Commercial Code (UCC)—a body of law adopted by the states that governs commercial transactions—modifies this principle of contract law with respect to the sale of goods by providing that the "additional terms are to be construed as proposals for addition to the contract."

References in periodicals archive ?
"Counteroffers are typically a knee-jerk reaction to broader staffing issues," says Paul McDonald, senior executive director for Robert Half.
Another important question is whether the levels of employers' and employees' initial offers and counteroffers matter for subsequent bargaining rounds.
It claimed that the video provider's withdrawal of the counteroffer constituted bad faith, and asked the commission to require that the video provider carry the broadcast station on terms that the provider had previously proposed.
More than 71 percent of senior HR executives are concerned their companies are losing their top performers this year and are resorting to counteroffers to retain those staff, according to research commissioned by specialist recruitment firm Robert Half UAE.
Counteroffers are served up to persuade you to change your mind or demonstrate the value the organization places on you and your leadership -- all after you have resigned.
People close to the deal have played down prospects for a counteroffer, although some bankers think the combined entity could be an attractive takeover target one day.
Davis quotes numerous studies that show that 50% to 80% of employees who accept an employer's counteroffer leave voluntarily within six to eight months, He contends that counteroffers simply postpone the inevitable and ruin an employee's reputation and future chances of working with the recruiter or prospective employer.
Simple Remote's features include contact management, a detailed transaction screen that allows users to track every aspect of a financing, brokerage, or leasing transaction all on one screen; detailed tracking of offers and counteroffers from multiple bidders on a property; documents and images associated with each transaction are linked; a built-in real estate calculator for every type of real estate calculation; and a calendar with pop-up reminders.
Counteroffers are common, particularly for good employees.
Knowing that the other party's offer is unacceptable as your BATNA "drives" the process and, thus, when offers and counteroffers narrow the gap and result in entering the realm of "acceptability," the dance is over and the parties settle!
It also facilitates offers, counteroffers, multiple scenarios, repricing, floats, locks, extended locks and funding.
The body that regulates those matters is truly a self-regulatory organization and, if you look at the results of the regulation of mergers, counteroffers and takeovers as contrasted with ours, you will conclude, as many commentators have, that the U.K.