Lilian, no, the expression doesn't mean 'take it or leave it', rather ' both sides will have to compromise a bit'.
I would choose C.K.'s suggestion: It's a matter of give and take'.
According to the free dictionary and aswers.com it is give and take rather than giving and taking (http://www.thefreedictionary.com/give-and-take ; http://www.answers.com/topic/give-and-take)