When university–industry (UI) relationships transition from informal conversations to formalized engagement, the parties must negotiate agreements that spell out the details of how they will work together. Such agreements—which take many forms—include terms and conditions that obligate each party to a set of promises grounded in their strategic goals, legal obligations, and organizational values. Agreement negotiation is a key mechanism for achieving meaningful and significant outcomes from a UI relationship, but can be time-consuming. To expedite the process, negotiators must frame the agreement within the context of their strategic goals and understand the reasons why the other party seeks terms and conditions that may appear to be unusual. This chapter describes the legal, ethical, and practical factors for companies and universities to consider as they approach negotiations and launch successful engagements.