Livery Collar is a negotiation simulation concerning a two party distributive negotiation for the reacquisition of an important piece of property. It is based on the story of the lost livery collar originally belonging to the HHL Leipzig Graduate School of Management, one of the oldest business schools in Germany. Following the turmoil of the end of the Second World War, the livery collar was unaccountably lost, only to turn up in South America many years later in the hands of a wealthy former German immigrant to Argentina. In 2006, this immigrant commissioned the help of a law firm to help him anonymously return the piece to HHL. This law firm is now faced with the task of negotiating the terms of the exchange in a way that helps them cover their costs and fees. HHL, in turn, after searching for it in vain for years, is excited that the livery collar has reappeared and that they have an opportunity to reacquire it. Unfortunately, funds to pay for it are limited and thus they will have to be clever negotiators.