penultimatum

Noun

 * 1)  A statement of terms or conditions made by one party to another, commonly  expressed as an ultimatum in the hopes of compelling immediate compliance with demands, but that then is superseded by more negotiation instead of actual dire consequences.
 * 2) * 1796 French Laurence in correspondence with Edmund Burke
 * To what point of degradation ministers can yet sink, I cannot guess. Far be it from me to limit their genius for the bathos of diplomacy. It is said, however, in some of their papers, that they have sent final instructions. I fear they are like a set of strolling players: "The last night," &mdash; "positively the last night," &mdash; "the very last night,” &mdash; “the last night without fail;" &mdash; creeps on with petty pace from day to day. Ultimatum follows ultimatum; till, by and by, you get to a penultimatum, and that leads to the beginning of a negotiation.