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 ?
In the run-up to Round Four of the NAFTA renegotiation process, Ambassador Lighthizer noted, "I am pleased to welcome back Secretary Guajardo, Minister Freeland, and their teams to continue negotiations here in Washington.
However, he has suggested for a new alternative if NAFTA renegotiations fail to create an entirely new deal.
CRISIL Research has analysed factors such as the difference between PPA tariffs and average power purchase cost (APPC) in a state, the renewable penetration of a state and the financial health of discoms to assess the extent of the renegotiation risk.
This suggests that renegotiations were more often successful in W&R than in R.
So there will be no kind of renegotiation, nor on the agreement we found in February, nor as far as any kind of treaty negotiations are concerned.
Complete details of the renegotiation have not yet been officially confirmed by the automaker or government officials.
More than half (51 per cent), also revealed it is likely the content of the Prime Minister's renegotiation package would affect their vote.
Renegotiation clauses are provisions in contracts that, upon the
The organizer of the survey, Walt Sheasby, said that this was because renegotiation was not an option because the ASGP simply would not do it.
Of course, one may invoke arguments from the theory of incomplete contracts and assume that it would be impossible to foresee the possible occurrence of renegotiations and the contingencies that may arise at this occasion.
In many cases, a simple modification such as rescheduling shipments or extending payments could be enough to ensure implementation without major renegotiations.
The lease renegotiations, brokered by ESG's Philip Shapiro and Martin Turchin, and complicated by the building's falling into receivership mid-way through the process, will save the tenant more than $4 million over the term of its lease.