Social contracts between businesses and society consist of institutionalized, reciprocal exchange arrangements that are enacted, negotiated, and monitored both publicly and through private engagements by the contracting parties, including members of the broader society. Existing literature in social contractarian theory predominantly offers normative insights but lacks empirical examination of how these contracts are formed and renegotiated. Our research fills this gap, focusing on the factors that precipitate crises in social contracts and the strategies stakeholders employ during renegotiation. Through the case study of Nordea, a Nordic bank that made a public threat to relocate its headquarters in response to a proposed increase in bank resolution fees by the Swedish government, we illuminate the dynamics of social contracts in crisis. We find that crises emerge from changes in parties' bargaining power, breaches in contract interpretations, loss of trust, and direct threats. Renegotiating these contracts involves stakeholders engaging in public deliberation to define fair terms while employing coercive, collaborative, and power-enhancing strategies. Our study reveals how environmental, technological, and regulatory changes trigger social contract crises, particularly the globalization and digitalization of businesses. Further, we expose the complexity of stakeholder renegotiation strategies that blend public deliberation with power-oriented tactics.