sweetheart contract


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Related to sweetheart contract: Sweetheart deals

sweetheart contract

A contract entered into by related parties who do not negotiate aggressively for the best terms and conditions and which usually has the effect of costing a third party more money than would otherwise be necessary under the circumstances.At one time it was common for developers to retain title to recreational amenities in a subdivision or condo project and charge high rents for their usage.This has largely been regulated out of existence,but such sweetheart contracts always seems to arise in some other guise.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
successfully mobilized Teamster car haulers to reject the terms of Presser's latest sweetheart contract.
They opposed the SEIU'S mindless centralism, its sweetheart contracts with employers and its backroom deals with politicians." (53) The response was spectacular and the rank-and-file mobilization unparalleled.
The history of the Tarakhil power plant is written in broken promises, sweetheart contracts and cost overruns.
Black, who along with a handful of other top executives were ultimately accused of "looting" the publisher through sales of assets with phony "non-compete fees," excessive expense accounts and management fees, and sweetheart contracts.