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 ?
Since 1999, Insource has saved its clients more than $1 billion by renegotiating carrier pricing contracts for hundreds of companies, including dozens of the Fortune 500.
There will certainly be no praise for AMs who have ruled out renegotiating the siting of the Assembly in the City Hall - without either enlightening the public on the reasons for this decision or providing further information than was given at the time, on why the initial negotiations broke down.
This thoroughly revised and updated edition of Renegotiating Health Care offers a practical guide to negotiation and conflict resolution in the health care field.
Savvy companies are taking advantage of this situation by either renegotiating existing leases for longer terms, or seeking new facilities (larger or smaller) that can be attained at today's more, favorable rates.
Renegotiating an Agreement - Sample Preparation Worksheet.
While Jack Layton and Stephen Harper have commented on aspects of the renegotiation, it's high time that all federal parties declare their positions and plans for renegotiating NAFTA.
The Camden Group said in its report released in February that renegotiating the High Desert Medical Group and Kaiser contracts at Blue Cross rates could bring in additional net annual revenue of $8.
The deadline has been extended by Comreg from July 7 to July 22 because An Post has been having difficulties renegotiating arrangements, through which the semi-state body lost EUR14m last year.
Today, when the few tenants left are renegotiating their leases at drastically reduced rental payments, the buildings can barely support their operating expenses.
GY's ratings benefit from the company's sizable landholdings in the Sacramento, CA area; tax loss carry forwards that may allow the company to offset pretax profits in excess of $350 million at the federal level and $275 million at the state level; the global settlement with the government that provides for up to 88% reimbursement for most of GY's environmental remediation costs; the renegotiating of the Atlas contract, which will allow GY to cease production by the end of fiscal 2007 if it does not receive better terms; the completion of its transformation into a company focused on real estate and aerospace and defense (Aerojet); fully funded pension plans; a positive defense spending environment; and the resolution of a number of outstanding lawsuits.
Gray Davis in 1999, and San Manuel Tribal Chairman Deron Marquez said he sees advantages to immediately renegotiating those compacts with Schwarzenegger.
The Company and it's bank are currently renegotiating the terms of it's mortgage debt of $1.