renegotiate
v.to talk about a deal or an agreement again to change the terms. You do this when you want to get a better price or different conditions.
v.to discuss and alter the terms of a previously agreed contract or arrangement. Transitive — requires a direct object, typically a contract, agreement, or specific terms.
“We need to renegotiate the price of the car.”
“After the market changed, the company decided to renegotiate the lease on their office space to lower the monthly cost.”
“The union representatives met with management to renegotiate the collective bargaining agreement, seeking better healthcare benefits and a more flexible work schedule for all employees.”
“Reform says it would renegotiate the post-Brexit deal that underpins these rights but that would mean re-opening a process that was supposed to have been settled in 2020.”
“The move would require renegotiating the UK's Brexit deal and could risk stripping British expats living in the EU of similar rights.”
From re- + negotiate.
Etymology adapted from Wiktionary, available under CC BY-SA 4.0.