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 ?
22) First, people usually do not marry based on renegotiable contracts, although almost "every other form of negotiation [occurs] over the traditional terms of marriage.
Chavez secure a stable source of income for the next quarter century (Beijing tends to cut long-term deals at fixed but renegotiable prices since capital is free and profitability does not really matter).
claims based on actual practice rather than asserted belief, and that entails messy negotiations that begin without fixed starting positions and end with renegotiable compromises.
In addition, given that most firms that sponsor health insurance share the cost with their employees (and that labor market contracts are not perfectly renegotiable from year to year), the premium costs will affect firm costs, which may not be completely passed along to the employees.
Managing partner, Andre McCoull said: "On the one hand our lease on the Crawcrook premises was not renegotiable on its expiry this month.
To the extent that the Preamble to the Charter of Fundamental Rights - integrated as Part II of the Treaty - was not renegotiable, but that many Convention members from the European People's Party, notably Germans, Italians and Poles, demanded a more explicit reference to Europe's Christian heritage, it was agreed that there should be a general preamble to the Constitution.
The boundary between "the music itself" and its context is fluid and continuously renegotiable in cultural music analysis.
This reduces the potential for opportunistic behavior by transactors after an agreement is reached because terms of the contract are not renegotiable (Dahlstrom and Nygaard, 1999).
Equally, the nature of united Germany's relationship to the West and to the East, as a result of the geopolitical shifts of 1989-90, is regarded as a renegotiable factor in the evolution of national identity.
My existing contract has a clause in it which says the terms are renegotiable this summer.
Moreover, not only is public debt less readily renegotiable, but also it is inherently less flexible for other reasons, further impeding firms' reactions to changes to their financing.
The pilots are calling for an increase of between 30% and 35% as well as a contract that is renegotiable on a yearly basis.