Renegotiation occurs when two parties meet to discuss and modify the terms of a previous agreement. This can happen if one party is dissatisfied with the initial terms or if there have been changes in circumstances. For instance, if you initially agreed to perform chores for $10 per week but later find that the workload is excessive for the compensation, you may request to renegotiate the terms to $15 per week for fewer chores. Additionally, renegotiation may occur in government contracts to ensure that the contractor is not excessively profiting.
Renegotiation refers to the process of negotiating again or on different terms. It can also involve the reexamination and adjustment of a government contract to eliminate or recover excessive profits by the contractor. For instance, after signing the initial contract, the two parties opted to renegotiate the terms to better suit their needs. Similarly, the government initiated a renegotiation of the contract with the construction company to prevent them from making excessive profits. In the first example, renegotiation is demonstrated as the act of negotiating again with different terms. The parties involved in the contract found the initial terms unsatisfactory and required changes. In the second example, renegotiation is illustrated as the reexamination and adjustment of a government contract to eliminate or recover excessive profits by the contractor. The government wanted to ensure that the construction company was not earning more money than deserved, prompting them to initiate a renegotiation of the contract.
Yes, it is possible to renegotiate a contract that has already been signed, but both parties must agree to the changes and sign a new agreement.
Common reasons for renegotiating a contract include changes in circumstances, financial difficulties, unforeseen events, or the need to update terms to reflect current market conditions.
Lease agreements can be renegotiated, but it depends on the specific terms and conditions outlined in the original agreement. It is advisable to consult with a lawyer to understand your rights and options.
Child custody arrangements can be renegotiated if there is a significant change in circumstances that affects the best interests of the child. However, it is important to follow the proper legal procedures and seek the guidance of a family law attorney.
Divorce settlements can be renegotiated under certain circumstances, such as if there has been a substantial change in financial circumstances or if one party has failed to comply with the terms of the original agreement. Consulting with a divorce attorney is recommended to understand the options available.
Loan agreements can sometimes be renegotiated, especially if the borrower is facing financial difficulties. However, it is important to communicate with the lender and seek legal advice to understand the potential consequences and options available.
Employment contracts can be renegotiated, but it depends on the specific terms and conditions outlined in the original agreement. It is advisable to consult with an employment lawyer to understand your rights and options.
Business partnership agreements can be renegotiated, but it requires the consent of all partners involved. It is recommended to consult with a business attorney to ensure the renegotiation is done properly and legally.
Real estate purchase agreements can be renegotiated, but it depends on the specific terms and conditions outlined in the original agreement. It is advisable to consult with a real estate attorney to understand your rights and options.
Prenuptial agreements can be renegotiated, but it requires the consent of both parties involved. It is recommended to consult with a family law attorney to understand the legal implications and options available.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/renegotiation/
- Modern Language Association (MLA):Renegotiation. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/renegotiation/.
- Chicago Manual of Style (CMS):Renegotiation. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/renegotiation/ (accessed: May 09 2024).
- American Psychological Association (APA):Renegotiation. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/renegotiation/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts