In negotiation there is a concept called " Reservation Price". What does this concept stand for?

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Agree with the answer of Mr. Gulraiz Malik

From sellers point of view this is minimum acceptable price and from buyers point of view this maximum acceptable price.

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The reservation price is the least favourable point at which one will accept a negotiated agreement

Reservation (or reserve) price is a term referring to a limit on the price of a good or a service. On the demand side, it is the highest price that a buyer is willing to pay; on the supply side, it is the lowest price at which a seller is willing to sell a good or service.

It is the lower/mini price for the seller and highest/max price for the buying..