Very good tips ....When it is the other person who has lost his cool, one can follow the tips but if it is you losing your cool then things would be reversed ..

Yes. These ways are useful to pacify the other who loses cool. If you and the other lose cool, then none can help.

What to do when you are caught  in verbal exchange or dealing with someone  who is upset over a misunderstanding and unable to communicate clearly in the moment?

I generally do not like verbal exchanges but when it comes to settling the differences I have my own unique ways.

Avoiding verbal exchanges is a right solution. Allow yourself for brief period for staying cool. This time break may bring a change in you and the other person. This settles the matter in an even way.

The more calm and collected one person is the more heated the other person gets because he or she feels challenged ! However, everything depends of the situation and circumstance and one cannot always be on ones guard .We are all human and at times everybody gets ruffled and say mean and unflattering things  to others.But if you genuinely feel bad and apologise , there is nothing like it !