Chapter 9

Undertaking Renegotiations

Contract is an agreement that is binding on the weaker party.

—Frederick Sawyer

Today’s business executives are finding it more and more difficult to negotiate “static” agreements that withstand the pressure of change. As a result, renegotiations are a growing trend in international business. Every day, companies operating in the global arena sign agreements expected to be mutually beneficial and long lasting. Despite good intentions and ironclad contracts, unexpected difficulties arise once contracts are under way, making renegotiations essential.

Too often, at the time of closure, parties assume that the negotiations are over and that both sides can look forward to a successful outcome. In reality, ...

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