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How can you effectively renegotiate the terms of an existing partnership?

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Renegotiating the terms of an existing partnership can be a delicate and challenging process, especially in the banking sector. You may want to revise the contract to reflect changes in the market, your goals, or your partner's performance. However, you also want to maintain a positive and mutually beneficial relationship with your partner, and avoid any conflicts or misunderstandings. How can you approach this task effectively and diplomatically? Here are some tips to help you.

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1 Prepare well

Before you initiate the renegotiation, you need to do your homework. Analyze the current terms of the partnership, and identify what aspects you want to change, why, and how. Gather relevant data and evidence to support your position, and anticipate your partner's possible objections or counteroffers. You should also research the alternatives and opportunities available to you and your partner, and assess the risks and benefits of continuing or ending the partnership. This will help you determine your best alternative to a negotiated agreement (BATNA), and your reservation point (the minimum you are willing to accept).

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Amelia Rizek Vidal

Attorney only admitted to practice in Dominican Rep. Certified Arbitrator in the Dominican Rep. /Mediation, Corporate/ M&A | Executive MBA | Regulatory, Infrastructure, Telecommunications, Pharma, Real Estate/ Banking
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By doing an analysis not only financial, but what substantially everyone adds to the partnership and most important if those partners are committed to keep investing in the company growth and expansion.

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2 Communicate clearly

Once you are ready to start the renegotiation, you should communicate your intentions and expectations clearly and respectfully to your partner. Explain the reasons behind your request, and how it will benefit both parties in the long run. Avoid making ultimatums or threats, and instead focus on creating value and finding common ground. You should also listen actively to your partner's perspective, and acknowledge their concerns and interests. Try to understand the underlying issues and motivations behind their position, and avoid making assumptions or judgments.

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3 Negotiate fairly

During the negotiation, you should aim to reach a win-win outcome that satisfies both parties' needs and goals. You can do this by using objective criteria and standards to evaluate the options, and by being flexible and creative in generating solutions. You should also avoid common pitfalls such as anchoring (focusing too much on the first offer), framing (using negative or positive language to influence the perception of the offer), and escalation of commitment (sticking to a course of action despite negative feedback or outcomes). Instead, you should seek to create a positive and collaborative atmosphere, and use techniques such as mirroring (repeating or paraphrasing what the other party says), labeling (naming the emotions or feelings involved), and bargaining (making concessions or trade-offs).

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4 Finalize the deal

After you have reached a tentative agreement, you should confirm and document the details of the new terms of the partnership. You should also express your appreciation and commitment to your partner, and celebrate the successful renegotiation. You should also monitor and evaluate the implementation and performance of the new terms, and provide feedback and support to your partner. If any issues or disputes arise, you should address them promptly and constructively, and seek to maintain a trusting and cooperative relationship with your partner.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Justine Norman

Managing Director | Executive Board Member | E-Money & Payments Institutions | Banking FinTech | SaaS Technology
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An agreement to vary a contract should be supported by consideration. That can take many forms but must be something of value. For example, by agreeing to improve delivery times to two instead of three days the other party will agree to increase the size of the order or the price of the unit. If the variation is not supported by consideration, to be effective, the variation document needs to be a deed rather than a quick email exchange or even formal document labelled ‘contract’.

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How can you effectively renegotiate the terms of an existing partnership?

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1 Prepare well

2 Communicate clearly

3 Negotiate fairly

4 Finalize the deal

5 Here’s what else to consider

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