renegotiate

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Related to renegotiated: To dispose of, vitiation, followed up

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 ?
The renegotiated royalty agreement is effective from 1 July 2011 and will expire on 31 December 2030.
The Iraqi government recently renegotiated the terms of the deal with the Chinese National Petroleum Company (CNPC), which was originally signed in 1997, marking Iraq's first major oil deal with a foreign firm since the fall of Saddam Hussein.
Libya might sign next week a renegotiated contract with Spanish energy group Repsol, in an attempt from the part of the government to obtain a greater share of the profits generated by JVs with foreigners.
The committee dropped their objection to how the leases were renegotiated.
While the Official Committee of Unsecured Creditors said that the lessors were able to get above-market level lease rates through acting together, Delta has asked the court to deny the request as it has renegotiated the lease terms with the lessors and received rates and terms that were better than the current ones.
The renegotiated contract reduces the number of systems to be delivered, and decreases the order value by approximately SEK1.
ARSENAL established some time ago a policy whereby they do not pay agents a commission after they've renegotiated a new contract.
City Controller Laura Chick, who in May issued a harsh audit calling for the contracts to be immediately renegotiated, told the council's Audits and Governmental Efficiency Committee that she was stunned the contracts haven't been reworked since the issue was raised in 1999.
Air Canada has renegotiated contract terms for ten aircraft with Israeli aviation group Knafaim-Arkia Holdings.
Moerdler said he recently worked with a landlord that renegotiated a larger security deposit from a tenant in exchange for reducing monthly rent payments.
Conservatives Against a Federal Europe (CAFE): Mr Duncan Smith is vice-president of CAFE which calls for withdrawal from the EU if the terms of Britain's membership cannot be renegotiated.
It highlights the possible changes that might be incorporated into the renegotiated gas supply contracts between European utility companies and Russia or Norway.