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 ?
More than half (51 per cent), also revealed it is likely the content of the Prime Minister's renegotiation package would affect their vote.
The Minister concluded: "The renegotiation of the South African beef market could generate between Au5million to Au10million annually for our industry.
Renegotiation clauses are provisions in contracts that, upon the
The "Missouri Proposal" (we didn't think to call it the "Missouri Compromise") called for renegotiation and forming a committee.
Intra-deal renegotiations are smoother if the initial agreement contains a clause that permits them.
The termination and renegotiation clauses contained in our sample rarely benefitted the licensor.
All these factors contribute to an increased level of renegotiations, recompetes and restructurings, but are not necessarily negative in reason or outcome.
There was a lot of progress and we have moved forward in the renegotiation process, but there are still some processes left," Rozik Soetjipto, Freeport Indonesia CEO, told Reuters on Tuesday.
The government pledged to wrap up the process of renegotiation on mining contracts this year after being delayed from last year.
Christine Lahti says that if all works out well with her ``Chicago Hope'' contract renegotiations, ``my character will spend this summer's hiatus off in space as a shuttle payload specialist and return to the hospital in the fall.
CEO Jay Gellert told investment analysts Health Net had undergone massive recontracting in New Jersey, misestimated the impact of renegotiations and didn't effectively assess the increases.
Other countries initiated renegotiations only after their FTA were implemented, three to five years later.