renegotiation

Vocabulary Word

Definition

'Renegotiation' is when you discuss the terms of an existing agreement or contract, with the aim of changing them. It's often done when circumstances change, such as having more or less money or time.

Examples in Different Contexts

In commercial contracts, 'renegotiation' is often necessary. A contract manager might say, 'Proactive renegotiation of contract terms is essential to adapt to market fluctuations, align with evolving needs, and maintain healthy, long-term business relationships.'

Practice Scenarios

Business

Scenario:

The supplier's prices have increased dramatically. We need to strategize our response.

Response:

I agree. We should open up renegotiation talks with the supplier to revisit the contract terms.

Tech

Scenario:

The client wants to add more features to the project. We need to assess how this impacts our timeline and resources.

Response:

Sounds like a good idea. Let's approach the client for a renegotiation situation in terms of our contract.