What Is a Sovereign Meeting Solution? Your Complete Guide to Digital Independence


Introduction

A government agency’s IT director sat in my office, visibly shaken. “We just discovered,” he said, “that our confidential national security discussions from the past year have been stored on servers in three different countries. We have no idea who accessed them.”

His agency had been using a popular video conferencing platform—one with “enterprise security” and “military-grade encryption.” What they didn’t know was that “encrypted” didn’t mean “controlled.” Their most sensitive conversations were sitting on infrastructure they’d never seen, in jurisdictions they didn’t choose, under laws they didn’t understand.

The wake-up call came during a security audit. When asked to prove where meeting data resided and who could access it, nobody had answers. The platform’s terms of service were vague. Data could be stored “in the cloud”—which meant anywhere. Customer support confirmed recordings were replicated across multiple regions “for redundancy.”

The agency faced a choice: continue operating on infrastructure they couldn’t control, or find an alternative.

That alternative is what we call a sovereign meeting solution.

Here’s what most organizations don’t realize: Every video call you conduct is creating data. Lots of it. Video recordings, audio transcriptions, participant lists, chat logs, screen shares, meeting metadata—all stored somewhere, accessible by someone, governed by laws you may not know.

Where is that somewhere? Who is that someone? Which laws apply?

If you can’t answer these questions definitively, you don’t have a sovereign meeting solution—you have a potential security vulnerability, compliance nightmare, and strategic intelligence leak all rolled into one convenient platform.

This guide explains exactly what sovereign meeting solutions are, why organizations worldwide are rapidly adopting them, and whether your organization needs one. More importantly, you’ll learn the specific questions that separate genuine sovereignty from marketing fluff.

Let’s start with the fundamental question most vendors hope you never ask.


What “Sovereign” Actually Means (Without the Jargon)

Forget the technical buzzwords for a moment. Sovereign is simple.

Sovereign means: You control it completely.

Think about your office building. You own it or lease it. You decide who enters. You control the locks. You know where everything is stored. You determine what happens inside. That’s sovereignty—complete control over your physical space.

Now apply that same concept to your video conferencing platform.

The Control That Actually Matters

A sovereign meeting solution gives your organization complete control over five critical elements:

Where your data lives physically
Not “the cloud” (which is just marketing speak for “computers we won’t tell you about”). You choose the exact physical location—your data center, a specific building in your country, designated infrastructure you can visit and verify.

Who can access your data
Only people you authorize, following rules you create, through processes you control. Not the platform vendor. Not their employees in foreign countries. Not governments with legal authority over the vendor.

How your data is processed
Video encoding, AI transcription, analytics, recordings—everything happens where you decide, using software you can audit. No mysterious processing “in the cloud” by services you’ve never heard of.

How long your data exists
You determine retention schedules and deletion policies. When you delete something, it’s genuinely erased—not archived somewhere for the vendor’s legal protection or moved to cheaper storage you don’t know about.

What laws govern your data
Your national laws, your industry regulations, your organizational policies. Not terms of service written by foreign lawyers to protect foreign companies under foreign legal systems.

A Simple Analogy That Makes It Click

Imagine you’re storing gold.

Option A: You put your gold in a vault somewhere in “the cloud.” You’re told it’s secure, but you’ve never seen the vault. You don’t know exactly where it is. Multiple companies have keys. The vault is in a foreign country with legal systems you don’t fully understand. You trust it’s safe because the marketing brochure says “military-grade security.”

Option B: You build a vault in your own basement. You control the only keys. You can walk downstairs and verify your gold is there whenever you want. Only your national laws apply. Nobody accesses your gold without your explicit permission.

Which option do you choose for storing gold?

Now ask yourself: Why would you accept Option A for storing your organization’s strategic discussions, client information, financial plans, and competitive intelligence?

That’s the question sovereign meeting solutions answer.


Why Organizations Are Scrambling for Sovereignty Right Now

Five years ago, most organizations didn’t think twice about video conferencing data sovereignty. Cloud platforms were convenient, affordable, and “everyone used them.”

Then several uncomfortable truths emerged simultaneously.

The Metadata Intelligence Crisis

A European intelligence investigation revealed something that sent shockwaves through corporate boardrooms: Foreign agencies were systematically collecting meeting metadata to predict business decisions and map organizational vulnerabilities.

They didn’t need to decrypt conversations or access recordings. The metadata alone told them everything they needed.

Here’s what they learned from one pharmaceutical company’s metadata:

The CEO suddenly started having weekly video calls with three investment banks (acquisition incoming)

R&D team meetings increased from monthly to daily with a specific supplier (new drug development partnership)

Emergency weekend sessions with senior leadership and outside counsel (major legal issue)

CFO having daily calls with external auditors outside normal audit season (financial investigation)

An intelligence analyst explained it bluntly: “Give me six months of a company’s meeting metadata, and I’ll tell you their strategy, their problems, their opportunities, and exactly when to act on market intelligence—without hearing a single word.”

That realization terrified executives. Their convenient cloud platform was broadcasting strategic intelligence through metadata they didn’t even know was being collected.

The Foreign Legal Access Nobody Discussed

A financial services firm discovered during merger due diligence that their video platform stored data in jurisdictions where foreign governments had legal mechanisms to compel access—potentially without notification.

The uncomfortable legal reality:

The U.S. CLOUD Act allows American courts to compel U.S.-based companies to hand over data stored anywhere in the world—even data belonging to non-U.S. customers stored in non-U.S. data centers.

China’s National Intelligence Law requires all organizations and citizens to “support, cooperate with, and collaborate in national intelligence work.”

Russia’s data localization laws mandate that personal data be stored on servers physically located within Russia—and accessible to Russian authorities.

The firm’s lawyers were direct: “Your merger discussions, trading strategies, and client information are potentially accessible to multiple foreign governments through legal channels you can’t prevent. You’d likely never know it happened. That’s unacceptable risk.”

The merger nearly collapsed over the data security concerns.

The Compliance Disaster That Changed Everything

A healthcare organization conducting telemedicine consultations received a devastating regulatory finding during a HIPAA audit.

The problem? Their video platform automatically stored patient consultation recordings on servers in multiple countries—none covered by proper Business Associate Agreements (BAAs) required under HIPAA.

The audit findings were damning:

Thousands of patient consultations stored in three countries without legal protection

Platform employees in foreign jurisdictions had technical access to patient health information

No audit logs showing who accessed what patient data

Automatic deletion policies didn’t meet healthcare retention requirements

No way to honor patient requests to access or delete their data as required by law

The penalty: $4.8 million in fines.

The lesson: Commercial cloud platforms aren’t built for regulated industries with strict data sovereignty requirements. They’re built for convenience, not compliance.

The Vendor Access Nobody Mentioned

A defense contractor conducted a security audit and asked their video platform vendor a simple question: “How many of your employees have technical capability to access our meeting recordings?”

The answer shocked the security team: Over 200 employees across six countries had varying levels of access for “customer support,” “platform maintenance,” “security monitoring,” “quality assurance,” and “feature development.”

The contractor’s CISO was blunt: “We’re trusting hundreds of strangers in multiple foreign countries—some in nations conducting economic espionage against us—not to access our defense program discussions. That’s not a security model. That’s organizational malpractice disguised as digital transformation.”

The contract was terminated within 90 days.


The Five Elements of True Sovereignty (Not Marketing Fluff)

Many vendors claim to offer “sovereign solutions.” Most are lying—or at least stretching the truth beyond recognition.

Here’s what genuine sovereignty requires and how to verify vendors aren’t faking it.

Element 1: Complete Data Residency (Zero Exceptions)

What it means: Every piece of data—without exception—stays within your designated physical location. No temporary processing elsewhere. No backups in foreign data centers. No “cloud services” for AI features.

What this includes:

  • Live video and audio streams during meetings
  • Meeting recordings and transcripts
  • AI processing for transcription and summaries
  • Participant information and contact details
  • Chat messages and shared files
  • Usage analytics and platform telemetry
  • Backup copies and disaster recovery data
  • Audit logs and security monitoring data

How to verify: Ask vendors to map the complete data flow for a typical meeting from start to finish. Demand documentation showing every server, processing step, and temporary storage location.

Red flags that expose fake sovereignty:

“Data is stored locally, but AI transcription uses our cloud service for accuracy”

“Meeting metadata helps us improve the platform globally”

“Backups are replicated to our headquarters for disaster recovery”

“Some features require connectivity to our global infrastructure”

Real sovereignty has no exceptions. If any data leaves your designated infrastructure for any reason, it’s not sovereign.

Element 2: Infrastructure You Actually Control

What it means: The meeting platform runs on physical infrastructure you own or exclusively control—your servers, your data center, or designated national facilities you’ve verified and can access.

Not “the cloud.” Not “a trusted partner’s secure facility.” Not “regionally distributed infrastructure.”

You should be able to:

  • Walk into the room where servers physically exist
  • See the actual hardware running your meetings
  • Control who has physical access to that infrastructure
  • Verify network connections and data flows
  • Disconnect from external networks if needed
  • Replace hardware on your schedule

Think of it like storing classified documents. Would you store classified files in a building you’ve never seen, managed by people you’ve never met, in a country whose security practices you can’t verify? Or in your own secure facility where you control every aspect?

Sovereign meeting solutions are the owned, controlled facility.

Element 3: Software Transparency and Auditability

What it means: You can audit the actual software running your meetings—verify there are no backdoors, understand exactly what data is collected, and ensure security measures work as advertised.

This requires:

Source code access – Review the actual code, not just documentation claiming how it works

Independent security audits – Third-party verification that software does what vendors claim

Customization capability – Modify software to meet specific security or compliance requirements

Update control – You decide when updates happen, not forced automatic updates that could introduce vulnerabilities

One CISO explained why this matters: “We reverse-engineered our previous platform and discovered it collected 43 different types of analytics we never authorized—keystroke patterns, mouse movements, meeting attendance correlations, feature usage heatmaps. They called it ‘product improvement telemetry.’ We called it surveillance. With our sovereign solution, we audit everything before it runs.”

Element 4: AI Processing That Stays Local

Modern meeting platforms include AI features—transcription, summaries, noise cancellation, speaker identification, sentiment analysis. Where does this AI processing actually happen?

Most commercial platforms:

  • Send audio to external AI services (OpenAI, Google, Microsoft) for transcription
  • Process video through cloud services for virtual backgrounds
  • Analyze speech patterns externally for sentiment and keyword detection
  • Use third-party services for language translation

This completely defeats sovereignty. Your confidential discussion is being shipped to multiple external companies for AI processing.

True sovereign solutions:

  • Run all AI models locally on your infrastructure
  • Process audio and video without external connectivity
  • Generate transcripts, summaries, and insights entirely within your data center
  • Maintain data sovereignty through every processing step

The test question: “If we disconnect from the internet completely, do all your AI features still work?”

If the answer is anything other than “yes, completely,” it’s not genuinely sovereign.

Convay’s approach: Every AI feature—transcription in multiple languages, meeting summaries, action item extraction, noise cancellation, speaker identification—runs entirely on-premise when deployed sovereignly. Your confidential discussions stay confidential through every processing step.

Element 5: Legal and Operational Independence

What it means: Your platform operates under your legal jurisdiction exclusively and continues functioning regardless of external factors beyond your control.

Legal independence:

  • Data governed exclusively by your national laws
  • No foreign legal jurisdiction can compel vendor to provide access
  • Compliance with your regulations, not foreign requirements
  • Privacy policies you write and control

Operational independence:

  • Platform functions without external internet connectivity
  • Doesn’t require authentication through vendor servers
  • Continues operating if you terminate vendor relationship
  • Works during international internet disruptions
  • Scales without vendor infrastructure dependency

Real-world example: During a regional internet outage affecting international connectivity, one government’s sovereign meeting solution continued operating flawlessly for all internal communications. Organizations using commercial cloud platforms couldn’t conduct any meetings because their platforms required connectivity to foreign data centers.

Sovereignty means your critical communications don’t depend on factors outside your control.


Cloud vs. Sovereign: Understanding the Real Tradeoffs

Organizations face a fundamental choice: convenience or control. Let’s be brutally honest about what each option actually delivers.

Cloud Platforms: Renting Digital Infrastructure

What you get:

  • Quick deployment (days or weeks)
  • No hardware to purchase or maintain
  • Automatic updates and new features
  • Predictable monthly subscription costs
  • Vendor handles all technical complexity

What you surrender:

  • Control over data location and processing
  • Ability to verify who accesses your information
  • Protection from foreign legal jurisdiction
  • Independence from vendor policy changes
  • Operational continuity if vendor fails

Cloud makes sense when:

Meeting content is genuinely low-sensitivity (team standups, training sessions)

Compliance requirements are minimal or non-existent

Convenience matters more than control for your organization

IT resources are limited or non-existent

You’re willing to accept vendor dependency

Cloud is problematic when:

You handle regulated data (healthcare, finance, government)

You discuss confidential strategy or competitive intelligence

You operate in industries with IP theft or espionage concerns

Compliance mandates specific data residency

National security is any consideration whatsoever

Sovereign On-Premise: Owning Digital Infrastructure

What you get:

  • Complete data sovereignty and control
  • Ability to audit and verify everything
  • Protection from foreign legal access
  • Operational independence from vendors and internet
  • Compliance with strictest regulations
  • Lower long-term costs (typically 40% less over 5 years)

What you invest:

  • Hardware acquisition and initial setup
  • Implementation time and technical planning
  • IT resources for ongoing management
  • Higher upfront costs
  • Internal capability development

Sovereign makes sense when:

You handle sensitive, regulated, or classified data

Compliance requires documented data residency

National security is relevant to your operations

Long-term cost control is strategic priority

Complete control matters more than convenience

You have IT capacity to manage infrastructure (or can develop it)

Sovereign is the only option when:

Laws mandate data stays within national borders

You handle classified or defense-related information

Your industry faces serious espionage threats

Foreign surveillance is a realistic concern

Vendor dependency creates unacceptable strategic risk

The Hidden Cost Calculation

Here’s what most CFOs miss when comparing options:

Cloud appears cheaper initially:

  • $20-30 per user per month
  • No upfront hardware costs
  • Minimal IT resource requirements

But over 5 years:

  • Cloud: $1,200-1,800 per user (escalating with annual price increases)
  • Sovereign: $800-1,200 per user (amortized hardware + operations)

Plus hidden cloud costs:

  • Compliance consulting to navigate jurisdictional complexity
  • Risk mitigation for potential data breaches or unauthorized access
  • Opportunity cost when competitors access your strategic intelligence
  • Business disruption when vendor changes policies or increases prices

One CFO calculated: “Cloud looked 40% cheaper year one. Sovereign is 35% cheaper over five years—while delivering complete control. The decision was obvious once we did real math.”


Who Actually Needs Sovereign Meeting Solutions?

Let’s be direct: Not every organization needs sovereignty. But far more organizations need it than realize it—usually discovering this during audits, investigations, or after competitors mysteriously anticipate their strategic moves.

You Definitely Need Sovereignty If You’re…

Government agencies and defense contractors

If you discuss anything classified, strategically sensitive, or related to national security, commercial cloud platforms are organizational malpractice.

One defense program manager: “We can’t tell security auditors that our classified project discussions might be accessible to foreign intelligence agencies through legal channels. Sovereignty isn’t optional—it’s mandatory.”

Healthcare organizations

HIPAA demands strict control over protected health information. If telemedicine consultations, patient care coordination, or clinical discussions happen on platforms storing data internationally without proper Business Associate Agreements, you’re violating federal law.

One hospital CIO: “We were one audit away from catastrophic fines because our video platform fundamentally couldn’t meet HIPAA requirements. Sovereign infrastructure solved it completely and gave our legal team peace of mind.”

Financial services and banking

If you discuss client portfolios, investment strategies, trading decisions, merger negotiations, or market analysis, that information has immense value to competitors and threat actors.

One investment bank’s CISO: “If our proprietary trading strategy discussions leaked before we executed positions, the market manipulation costs could exceed $50 million per incident. Sovereignty is basic risk management.”

Legal firms and professional services

Attorney-client privilege is meaningless if conversations are stored on infrastructure accessible through foreign legal processes.

One law firm’s managing partner: “We cannot guarantee privilege protection when using platforms subject to foreign court orders. We switched to sovereign infrastructure to make and keep our privilege promises to clients.”

Research institutions and universities

Cutting-edge research discussions contain intellectual property worth millions—and represent years of competitive advantage.

One university research director: “Corporate and nation-state espionage constantly targets academic research. We moved to sovereign platforms after discovering our research lab meetings were our single biggest security vulnerability.”

Manufacturing and industrial companies

Product development discussions, supplier negotiations, and proprietary processes are prime targets for industrial espionage.

One automotive manufacturer: “Competitors would pay millions for recordings of our engineering meetings about next-generation vehicle platforms. Sovereign meeting solutions ensure those recordings only exist under our complete control.”

You Probably Need Sovereignty If You…

Operate in regulated industries – Even if not strictly required, sovereignty dramatically simplifies compliance and reduces risk exposure

Handle confidential client information – Professional services firms, consultancies, agencies—client trust fundamentally depends on data protection

Compete in industries with espionage concerns – Technology, pharmaceuticals, energy, aerospace, advanced manufacturing—sectors where IP theft is routine

Conduct international business – Complex regulatory environments across jurisdictions make sovereignty simpler than navigating multiple conflicting legal frameworks

Value long-term cost control – Over 5-7 years, sovereign solutions typically cost 30-40% less than commercial platforms while providing vastly superior control


How to Evaluate Sovereign Meeting Solutions (The Questions That Matter)

You’re convinced sovereignty matters. Now: how do you separate genuine sovereign solutions from marketing theater?

The Five Questions That Expose Truth

Question 1: “Map every physical location where our data exists during and after a meeting.”

What you want: Complete transparency with specific addresses, server specifications, and detailed data flow diagrams showing everything stays within your designated infrastructure.

Red flags:

  • Vague answers like “data stays in your region” or “compliant data centers”
  • Mention of “global infrastructure for redundancy” or “distributed processing”
  • Any indication processing happens externally for “optimization”
  • Inability to provide detailed, auditable data flow documentation

Question 2: “If we completely disconnect from the internet, what features stop working?”

What you want: “Nothing. Every feature—meetings, recording, transcription, AI summaries, analytics—operates independently of external connectivity.”

Red flags:

  • “AI features require cloud connectivity for accuracy”
  • “Authentication requires our servers for security”
  • “Updates need external access for the latest features”
  • Any feature dependencies on external services

Question 3: “How many of your employees can technically access our meeting data?”

What you want: “In sovereign deployment, zero. Your IT team controls all access. We can only access what you explicitly grant for support purposes, and every access is logged with your approval.”

Red flags:

  • Vague numbers or ranges (“a small team” or “authorized personnel”)
  • Claims that “access is tightly controlled” without specifics
  • Mentions of employees in multiple countries with varying access levels
  • Inability to provide definitive, verifiable numbers

Question 4: “Show me your source code and explain your security architecture in technical detail.”

What you want: Willingness to provide source code access for security audits, comprehensive security architecture documentation, and complete transparency about all data collection.

Red flags:

  • Refusal to provide code access citing “proprietary secrets”
  • Generic security marketing claims without technical substance
  • Inability to explain specific security measures and implementations
  • Defensiveness about transparency requests

Question 5: “What happens if we terminate our relationship with you?”

What you want: “You own all your data and can continue operating independently. We provide tools for seamless data export or transition. Your platform continues functioning because it’s yours.”

Red flags:

  • Data locked in proprietary formats
  • Platform stops functioning without active vendor relationship
  • Difficulty or inability to export your complete data
  • Vendor essentially holding your meetings hostage

Why Convay Is the Sovereign Meeting Solution Organizations Trust

Throughout this guide, I’ve explained what sovereign meeting solutions are and why they matter. Now let me tell you specifically why organizations choose Convay.

Built for Sovereignty from Day One

Most meeting platforms are cloud services that retrofitted on-premise deployment as an afterthought to check boxes on enterprise RFPs. Convay was architected from the start specifically for sovereign deployment.

Every design decision prioritized control:

On-premise deployment isn’t an add-on—it’s the foundational architecture

All AI processing runs entirely locally without any external dependencies

Data flows are transparent, documented, and fully auditable

Infrastructure designed for organizations to own and control completely

Proven in the Most Demanding Environments

Convay isn’t theoretical—it’s deployed where sovereignty isn’t optional.

Government agencies in Bangladesh use Convay for classified communications where data sovereignty is legally mandated

Financial institutions trust Convay for client meetings, trading discussions, and regulatory compliance

Healthcare organizations rely on Convay for HIPAA-compliant telemedicine and patient care coordination

Defense contractors depend on Convay for sensitive program discussions requiring absolute security

This track record matters. If Convay meets government security requirements for classified communications, it exceeds commercial organization needs.

Complete Features Without Compromise

Sovereignty doesn’t mean sacrificing functionality:

✅ HD video quality matching or exceeding commercial cloud platforms
✅ AI transcription in multiple languages—processed entirely on-premise
✅ Meeting summaries and action items—AI runs locally on your infrastructure
✅ Smart noise cancellation—without sending audio externally
✅ Screen sharing, recording, chat, polls—all sovereign
✅ Mobile apps for iOS and Android with same sovereignty guarantees
✅ Calendar and business application integration you control
✅ Advanced security, compliance, and audit features built-in

You get genuine sovereignty AND the features users expect. No tradeoffs.

Developed by a Trusted Regional Leader

Convay is built by Synesis IT PLC, Bangladesh’s leading ICT company:

CMMI Level 3 certified – Highest process maturity standards
ISO 27001 certified – International information security management
ISO 9001 certified – Quality management systems
Deep government experience – Understanding unique sovereignty requirements
Regional company – Subject to regional laws, not foreign jurisdiction

When you choose Convay, you’re working with a regional technology leader, not a foreign corporation with potentially conflicting loyalties or jurisdictional complications.

Flexible Deployment Matching Your Needs

Convay adapts to your specific sovereignty requirements:

Full on-premise – Everything in your data center for maximum sovereignty
National data center – Hosted in designated regional facilities under your legal jurisdiction
Hybrid – Sensitive meetings on-premise, routine meetings in sovereign regional cloud
Multi-site – Distributed across multiple organizational locations you control

You choose the deployment model matching your security needs, compliance requirements, and operational preferences.

Transparent Pricing That Makes Sense

Convay delivers sovereignty at justifiable economics:

Lower total cost of ownership than international platforms (typically 30-40% less over 5 years)

No hidden fees, surprise charges, or feature paywalls

Flexible licensing models (per-user, concurrent sessions, or room-based)

Investment in regional infrastructure and economy, not foreign corporations

Clear, documented pricing without games or manipulation

One CFO told us: “International vendors wanted 40% more annually for equivalent features. Convay gave us superior sovereignty, better support, and lower costs. The decision required no explanation to our board.”


Take Control of Your Digital Communications

You now understand what sovereign meeting solutions are, why they matter, and how to evaluate them properly.

The question isn’t whether sovereignty is valuable—it’s whether you’re willing to take control of your organization’s digital communications.

Immediate Actions You Can Take

Audit your current risk:

Where are your meeting recordings actually stored?
Who can legally compel access to them?
What laws govern your meeting data?
Can you prove compliance with your regulations?
What happens if that data is compromised?

Calculate your exposure:

What intellectual property gets discussed in meetings?
What would competitors pay for recordings of strategic discussions?
What are regulatory penalties if your platform violates compliance?
What’s the cost of a breach exposing confidential meetings?

Contact Convay for a personalized assessment:

We’ll analyze your specific sovereignty requirements
Demonstrate Convay’s sovereign architecture and capabilities
Discuss technical details and security measures
Provide pricing tailored to your organization
Answer all questions about implementation and operation

Schedule your consultation today: [Contact Convay] | [Request Demo] | [Download Sovereignty Guide]


Conclusion: Sovereignty Isn’t Paranoia—It’s Professional Responsibility

Let me leave you with a principle that cuts through all complexity:

If you don’t control your meeting infrastructure, someone else does.

That someone might be a foreign company answering to foreign courts. It might be employees in countries conducting economic espionage. It might be intelligence agencies with legal authority you’ll never know about.

Ask yourself: Are you comfortable with that?

Sovereign meeting solutions aren’t about rejecting technology or global collaboration. They’re about ensuring that when you discuss mergers, strategy, client information, financial plans, product innovations, or competitive intelligence—those conversations happen on infrastructure you control, under laws you understand, with security you can verify.

That’s not paranoia. That’s professional responsibility.

Organizations worldwide recognize this truth. The shift to sovereign meeting solutions is accelerating because the costs of cloud dependency—security risks, compliance failures, strategic vulnerability—now clearly outweigh convenience benefits.

The only question: When will your organization take control?


Convay: Sovereign Meeting Solution Built for Digital Independence

Developed by Synesis IT PLC | CMMI Level 3 | ISO 27001 & ISO 9001 Certified

Trusted by organizations where sovereignty isn’t negotiable.

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