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Second Time's The Charm

Keep these points in mind when you have to renegotiate a deal.

This story appears in the June 2002 issue of Entrepreneur. Subscribe »

Just as authors say that to write means to rewrite, so can deal-makers say that to negotiate means to renegotiate. Strikes, lawsuits, changes in bargaining position or any other freakish events can provoke a renegotiation. However, this much is certain: The more ongoing your relationship with the other side, the more likely that your deal will, at some point, need to be massaged, adjusted and/or surgically reconstructed.

Think of renegotiation as a deal-making "do-over." Thus, you've got to prepare. For the most part, take the same steps and ask the same questions as when you cut your original deal.

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