verb (used with object), renegotiated, renegotiating.
to negotiate again, as a loan, treaty, etc.
to reexamine (a government contract) with a view to eliminating or modifying those provisions found to represent excessive profits to the contractor.
verb (used without object), renegotiated, renegotiating.
to negotiate anew.
to reexamine the costs and profits involved in a government contract for adjustment purposes.

1930–35; re- + negotiate

renegotiable [ree-ni-goh-shee-uh-buhl, -shuh-buhl] , adjective
renegotiation, noun Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
Cite This Source Link To renegotiate
World English Dictionary
renegotiate (ˌriːnɪˈɡəʊʃɪˌeɪt)
to negotiate again in order to alter or change previously agreed terms

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
Persons involved in relationships that have changed for some reason, must
  renegotiate what to them will be fair.
It would be highly impolitic at best to attempt to renegotiate the salary at
  this point.
More likely, we'll see these new media renegotiate the power relationships
  between individuals and advertisers.
US law allows a new owner to renegotiate existing contracts after a purchase,
  even to reopen collective bargaining.
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