A negotiation is a business-oriented conversation where two sides argue, discuss, and compromise to reach some agreement.
When you hear the word negotiation, you know there are two sides and they're willing to talk to each other. In sports, the owners and the players union go through a negotiation to get a new contract. Parents and kids might have a negotiation over curfew time. Negotiation implies that both sides are willing to give something up and compromise. If your side won't give an inch, then you're not ready for negotiation.