renegotiation
/ˌriːnɪˌɡoʊʃiˈeɪʃən/
noun
- The act or process of discussing and changing the terms of an agreement or contract again.
- The teacher called for a renegotiation of the classroom rules after several students complained.
- After months of renegotiation, the two companies finally signed a new partnership agreement.
- The renegotiation of the mortgage saved the family hundreds of dollars each month.