Renegotiable: meaning, definitions and examples
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renegotiable
[ ˌriːnɪˈɡoʊʃəbl ]
contract terms
Renegotiable refers to an agreement or contract that can be discussed again and modified after its initial acceptance. This term is often used in legal and business contexts where the parties involved are allowed to revisit the terms after a certain period or due to changing circumstances. It implies flexibility in reaching consensus and is essential in negotiations, ensuring that all parties can adapt to new conditions or requirements. A renegotiable agreement can help prevent conflicts and allows for better alignment of expectations over time.
Synonyms
adjustable, amendable, modifiable.
Examples of usage
- The payment schedule was deemed renegotiable after the economic downturn.
- We approached the landlords to see if the lease terms were renegotiable.
- His salary package is renegotiable based on performance reviews.
Etymology
The word 'renegotiable' originates from the prefix 're-', meaning 'again', combined with 'negotiate', which comes from the Latin 'negotiari', meaning 'to carry on business'. The roots of 'negotiate' reflect trading or bargaining, indicative of the act of discussing terms or conditions. The suffix '-able' is added to denote capability, suggesting that something can be negotiated again. This term has been particularly relevant in business contexts, especially in relation to contracts, since the late 20th century when changing markets and economic situations made it necessary for parties to have the ability to reconsider previous agreements.