renegociate
1. [ verb ] negociate anew
Synonyms: renegotiate
Examples:

"The two warring parties will have to renegociate"

Related terms: negociate
2. [ verb ] revise the terms of (a contract) in order to limit or regain excess profits gained by the contractor
Synonyms: renegotiate
Examples:

"We renegociated our old mortgage now that the interest rates have come down"

Related terms: negociate roll_over contract