renegotiate


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renegotiate

An agreement to revise the terms of a contract.Promissory notes,mortgages,leases, and other contracts can typically be renegotiated if failure to do so will result in default and that default would be economically disadvantageous to the other party. This power to renegotiate is exemplified by the old saying referring to loans from small banks,“If you owe the bank $10,000, they own you. If you owe the bank $1,000,000, you own them.” A debtor in bankruptcy can force renegotiation of onerous contract terms,such as a long-term lease at above-market rental rates.

References in periodicals archive ?
Everything you need to know in 60 minutes about why so many CEOs negotiate and renegotiate contracts before year-end and the most effective strategies that will immediately make you a better a negotiator
Stuart Gulliver, the bank's chief executive officer for global banking and markets, said that the company's proposal to renegotiate terms on USD24.
But I'm a business person and anybody in tough times renegotiates and has a look at where you can make savings.
The time has come for Canada's political leaders to step up to the plate and renegotiate NAFTA," says Keith Newman, Communications, Energy and Paperworkers Union of Canada.
Export-oriented firms like energy giant Perez Companc, which has to renegotiate $2.
3 European Utilities Renegotiate Contract for Reducing the Gap Between Long Term and Short Term Gas Prices
PA) may renegotiate an earlier deal with Fortis (FOR.
Speyer came out on top after negotiating with Fuji Bank for the $250 million face value mortgage and with Cooper Union to renegotiate the ground lease on which the 68-story tower stands.
At some point, the San Manuel will probably contact the Schwarzenegger administration and seek to renegotiate its current compact.
ITV Digital have already warned that they will go out of business unless the Football League agree to renegotiate and accept pounds 128m less than the original contract.
The Company is continuing discussions with the Bank concerning an extension of time to pay its obligations to the Bank and to renegotiate the amount thereof.
Councilwoman Wendy Greuel, an EIDC board member who worked in the entertainment industry, said the audit underscores the need to renegotiate the contract.