understanding

Definition

noun
Exampleto come to an understanding about the divisions of the market

Use understanding in a sentence

You should always try and have an understanding for what the party wants to accomplish when entering into a negotiation.

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Though the principals had yet to execute a formal contract with respect to the proposed transaction they had reached an understanding in principal.

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My boss and his counterpart in our top competitor came to an understanding about which markets each company would compete in without interfering with the other.

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