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 ?
The official said before PTA, Indonesia granted only two months for export of Pakistan's Citrus and mangoes but now after renegotiation, Pakistan can export these fruits to Indonesia for the whole year and any time-limit was removed.
Replying to a question, he said Pakistan and Indonesia had current annual trade volume of $170 million which was expected to increases after renegotiation on PTA between the two countries.
It is completely unacceptable that two months into NAFTAs renegotiation, corporations have a seat at the table while people are shut out, with no real say in rewriting a deal that has impacted their jobs, wages, air, and water.
Summary: Mexico City [Mexico], Sept 2 (ANI): A second round of NAFTA renegotiations began today between Mexico, Canada and the United States, following first round of discussions last month.
Join a panel of key thought leaders and trade professionals assembled by The Knowledge Group as they bring the audience to a road beyond the basics of NAFTA renegotiation and as they delve into the depth-analysis of the latest updates involving this significant issue.
The purpose of this study is to determine how the addition of a renegotiation option may change the outcome of a procurement process; in particular, we are interested in whether renegotiation can help to overcome bidder problems caused by the Winner's Curse in first price auctions.
CLAUDE JUNCKER has been branded an "unelected tinpot figure" after warning there will be no further renegotiations should voters back Brexit.
Kia Motors Corporation (KSE: 000270), a South Korea-based automaker, has finalised its incentive renegotiations with Mexico's state of Nuevo Leon.
The renegotiation states right at the beginning that it is 'in conformity with the Treaties'.
John Longworth, director general of the BCC said: "When we last surveyed Chamber members in September, we did not know the detail or ambition of the Prime Minister's renegotiation package.
Number 10 had hoped to finalise a renegotiation of Britain's relationship with Brussels over dinner at Downing Street so that it could be put to other leaders today ahead of a crucial summit in less than three weeks.