A negotiation is a discussion between two parties where each has their own separate interests to fulfil. The negotiation is used to allow each to find a compromise solution that is mutually beneficial. 

Negotiations usually occur between buyers and sellers, for instance an organization might want to negotiate a price with a third party supplier on a particular service or product. Negotiation can also occur between an employer and an employee, or between an employer and a potential employee; this could be in regards to a salary increase or regarding a potential bonus.