Understanding Recontracting: When and How to Modify Existing Contracts

Recontracting refers to the process of renegotiating or revising an existing contract. This can be done for a variety of reasons, such as changes in market conditions, new information that was not available at the time of the original contract, or disagreements between the parties involved. Recontracting can involve modifying the terms of the contract, such as the price, delivery schedule, or other key provisions. It is important to carefully review and document any changes made during the recontracting process to ensure that they are legally binding and enforceable.

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