renegociate

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Definition

Verb: 1. To revise the terms of an agreement, contract, or deal: To negotiate again or alter the existing conditions, often to adjust to new circumstances or to limit/regain excess profits. 2. To negotiate anew: To enter into fresh negotiations over the same subject.

Usage and Examples
  • The union and management agreed to renegociate the labor contract after the company's financial situation changed.
  • Countries may renegociate trade agreements to reflect new economic realities.
  • The film studio had to renegociate the actor's contract following the success of the first movie.
Advanced Usage
  • Financial Context: The term is frequently used in finance and business regarding loans, debts, or contracts where terms like interest rates or payment schedules are revised.
    • The government allowed struggling homeowners to renegociate their mortgages.
  • Formal/Diplomatic Context: Used in international relations or legal settings concerning treaties or agreements.
    • The two nations met to renegociate the terms of the peace treaty.
Variants and Related Words
  • Renegotiate: This is the more common and standard modern spelling of the same word. "Renegociate" is a variant form.
  • Renegotiation (n): The act or process of renegotiating.
    • The renegotiation of the deal took several months.
Synonyms
  • Reopen negotiations: To start discussing terms again.
  • Revise the terms: To change the conditions of an agreement.
  • Restructure: To organize differently, often financially.
  • Modify the agreement: To make partial changes to a deal.
Related Phrasal Verbs/Idioms
  • Go back to the drawing board: To start planning something again from the beginning, often because the first plan failed. This is related in concept but not a direct phrasal verb for "renegociate."
    • After the proposal was rejected, they had to go back to the drawing board. (This implies a need for fresh negotiations or planning).
Verb
  1. revise the terms of in order to limit or regain excess profits gained by the contractor
    • We renegociated our old mortgage now that the interest rates have come down
  2. negociate anew
    • The two warring parties will have to renegociate

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