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