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Simple English definitions for legal terms
renegotiation
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A quick definition of renegotiation:
Renegotiation: Renegotiation is when two parties come together to discuss and change the terms of an agreement they previously made. This can happen when one party is not satisfied with the original terms or when circumstances have changed. For example, if you agreed to do chores for $10 a week but later realize it's too much work for too little pay, you might ask to renegotiate the terms to $15 a week for fewer chores. In some cases, renegotiation can also happen with government contracts to make sure the contractor is not making too much profit.
A more thorough explanation:
Definition: Renegotiation is the process of negotiating again or on different terms. It can also refer to the reexamination and adjustment of a government contract to eliminate or recover excess profits by the contractor.
Examples:
- After the initial contract was signed, the two parties decided to renegotiate the terms to better suit their needs.
- The government decided to initiate a renegotiation of the contract with the construction company to ensure that they were not making excessive profits.
The first example illustrates renegotiation as the act of negotiating again on different terms. The two parties involved in the contract decided that the initial terms were not satisfactory and needed to be changed. The second example illustrates renegotiation as the reexamination and adjustment of a government contract to eliminate or recover excess profits by the contractor. The government wanted to ensure that the construction company was not making more money than they deserved, so they initiated a renegotiation of the contract.