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When or if you leave any clause in the nanny contract for renegotiation is up to you. However, in a healthy working relationship, giving your nanny the opportunity to meet with you to discuss how things are going is advisable. In fact, you can add two types of meetings into the nanny contract: specify that you'd like to debrief on a daily basis to discuss the day's events and again every couple of months to talk about the job itself. That's when the nanny and the employer can sit together and talk about how the job is evolving, whether the contract should be amended based on that evolution, and if you think the nanny deserves a raise, benefits, etc.
It's also a good time to meet if things aren't going as well as you'd like. Of course, just because the nanny contract says you're only going to meet at such and such a time, don't wait if there is anything seriously wrong. If you're worried about the health and welfare of your children, or feel that you're nanny is doing something terribly wrong, never wait. Deal with the problem right away.
Nanny contracts are reference points, meant to protect the nanny and the employer. It can also be used as a work plan guide, so that the employer (you) can see where or if any changes should be made.