What process involves negotiating terms to reach an agreement in a business setting?

The process of negotiating terms to reach an agreement in a business setting is best described by the concept of bargaining. Bargaining is a fundamental skill in negotiations where parties engage in discussions to come to an understanding that serves their interests. This typically involves setting forth proposals, counteroffers, and adjustments until a mutually acceptable agreement is achieved.

While compromising involves making concessions by both parties to find a middle ground, bargaining encompasses a broader range of negotiation tactics and strategies that may or may not result in compromise. Collaborating implies working together towards a solution, which can also lead to an agreement but doesn't specifically emphasize the negotiation aspect. Contesting refers to opposing or challenging terms rather than negotiating them. Therefore, bargaining specifically captures the essence of negotiating terms in a business context.