Question

In negotiations, what does back-up mean?

having a plan so you can walk away
splitting the difference
meeting halfway in a deal
hiding how much you can really spend

Answer 1

In negotiations, having a back up means meeting halfway in a deal. You are trying to get the other party to agree with your terms, so having a backup is important. It would have been 'having a plan so you can walk away', but it is something that should be the last resort.