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Agent-Based modeling (ABM) is a new approach to modeling systems comprised of autonomous, interacting agents. In this paper we use a multi-agent architecture for bilateral contracts in electricity markets. Electricity market is a highly competitive environment, where all participants are competing for a limited number of goods, in this paper we focus on seller and buyer (supplier and consumer) agents in electricity market which negotiate between them in order to get the best deal. We present a development of negotiation that is based on combined method and fairness for bilateral contracts. We use the genetic algorithm for evaluating agent's performance in negotiation and show the results of that.