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 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 two companies have now renegotiated the contract terms, which will expire on 31 December 2005 rather than varying dates from 2003 to 2006 under the original contract.
Moerdler said he recently worked with a landlord that renegotiated a larger security deposit from a tenant in exchange for reducing monthly rent payments.
It highlights the possible changes that might be incorporated into the renegotiated gas supply contracts between European utility companies and Russia or Norway.
presidential candidate Barack Obama that NAFTA should be renegotiated to include enforceable labour and environmental standards.
Contracts for the franchises - which date back to 1987 - should be renegotiated immediately, she said.
Gruber's meticulous, even sleuth-like analyses have led to numerous of deals being renegotiated more favorably for his client.
Terms renegotiated with existing convertible note holder
has successfully renegotiated its $475,000 loan obligation to GEM Global Yield Fund Limited and Turbo International Ltd.
She said the EIDC's contract needs to be renegotiated to safeguard the city, as well as the film industry.