Contract renegotiations: the neglected phase of the process

Every day, business executives operating in the global arena sign agreements meant to be mutually beneficial and long lasting. Despite good intentions and iron-clad contracts, unexpected difficulties do arise once contracts are underway. With an emphasis on just-in-time delivery and total quality management at world competitive prices, as well as rapidly changing market conditions, executives are likely to renegotiate contract agreements. Experienced global executives recognize that negotiation is a continuous process, not a one-time event that ends with the signing of an agreement. Some tips for keeping negotiations to a minimum, and managing them successfully are presented.