To renegotiate is to revise, alter, or rework the terms of a previous agreement, contract, or understanding. This action typically involves discussing, bargaining, and coming to a new consensus on the conditions or obligations outlined in the original document. The need to renegotiate can arise from various factors, such as changing market conditions, unforeseen circumstances, or a desire to improve fairness or efficiency. Renegotiations can range from minor adjustments to comprehensive overhauls and often require the cooperation and agreement of all parties involved. The outcome aims to establish a mutually acceptable arrangement that reflects current realities or addresses specific concerns. The process prioritizes compromise and finding common ground in a way that benefits all the parties involved. It can also involve a willingness to explore new options and adapt to shifting dynamics.
Renegotiated meaning with examples
- After the initial contract proved unsustainable due to rising costs, the company was forced to **renegotiate** its agreement with the supplier. This involved a month-long discussion, ultimately resulting in a revised pricing structure and delivery schedule, helping the company stay afloat.
- Following a significant drop in sales, the band decided to **renegotiate** their recording contract with the label. Their manager negotiated a more favorable royalty split and artistic control, enabling them to release more creative music.
- Facing increasing financial hardship, the homeowners opted to **renegotiate** their mortgage with the bank to secure a lower interest rate and more manageable payment plan, allowing them to remain in their home.
- Due to evolving project needs and changing client priorities, the project team had to **renegotiate** the project scope and deliverables. This proactive step ensured the client remained satisfied with the outcomes.
- After the merger, the existing union contracts had to be renegotiated to align employee benefits and working conditions across the combined entities, ensuring fair treatment for all workers.