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 ?
Prime Minister David Cameron delivers a speech on EU renegotiation, at Chatham House in London yesterday KIRSTY WIGGLESWORTH/PA WIRE
There will not be another renegotiation and another referendum.
With few businesses claiming to be fully familiar with the referendum's implications or the Prime Minister's renegotiation package, the figures reveal a desire for greater clarity from Downing Street, which may ultimately influence their vote.
Reduced regulation as a reform would have a positive impact on their business, according to 55% of members, while 64% said greater powers for the UK Parliament to block EU legislation should be a leading focus of the renegotiation.
The Prime Minister said the Government will not be "neutral" on the issue of whether the UK leaves, adding: "If you want to be part of the Government you have to take the view that we are engaged in an exercise of renegotiation to have a referendum and that will lead to a successful outcome.
Downing Street insisted that "no final decisions" have been taken on the demands Mr Cameron will make in any renegotiation.
Hammonds said his government would put it to the British people to decide once there is substantive renegotiation and substantive change in Europe that addresses the concerns that Britain has along with the needs of Europe in a modern world.
Now, that job is made all the harder if we have years of grinding uncertainty because of an ill-defined, protracted renegotiation of Britain's status within the European Union.
Taiwan Stock Exchange hoped that Hon Hai can have clearer expression about the outcome of its renegotiation with Sharp and reappraise its paper gain/loss according to accounting criteria.
Examining renegotiation from the investor's perspective
The renegotiation was initially opposed by a committee representing unsecured creditors, who had argued the leaseholders - by working as a group in their negotiations with Delta - may have been in violation of anti- trust regulations.
Instead, God makes a covenant, and the covenant is not up for renegotiation or amendment.