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 ?
And it is this disconnection from even the residual responsibility of Kipling's aberrated legend and the imperialist character it sustains that generates the dangerous instability of Stevens's recollection, his rule of memory by arbitrary decree, wherein memory is always rewritable and renegotiable, always flexible and open to the shifting demands of the present.
See Arlen & MacLeod, supra note 19, at 2002 (explaining that patients and providers cannot use renegotiable contractual liability to induce physicians to make efficient nonverifiable investments in postcontractual care because providers know that patients will waive liability after providers decide how much to invest); Abraham Wickelgren, The Inefficiency of Contractually-Based Liability with Rational Consumers, 22 J.L.
By contrast, private loans are mostly obtained from banks, tend to be of shorter durations, have extensive covenants, and are renegotiable (Ronen & Yaari, 2008).
But they seem to view union contracts with the auto industry as always renegotiable. "We run roughshod over some contracts and not over others," David Skeel, a professor of law at the University of Pennsylvania, tells the New York Times.
Memory and received history are first made illusive, then renegotiable. They defy claims of universality because it is, finally, each audience member who must map these worlds for her or his own, individual act of (re)writing and (re)historicizing, his or her own re-visions.
Figure 18.1 MORTGAGE FINANCING ALTERNATIVES Renegotiable Rate Mortgage (Rollover).
Our increasing tendency to view copyright as an absolute property form rather than as a delicate, renegotiable bundle of government grants, Netanel argues, is the root of the problem.
David Chandler describes patron-client traditions in pre-colonial Cambodia as 'shifting networks of subordination and control, chosen or imposed, benevolent or otherwise', but as primarily local, face-to-face and to an extent 'responsive' and renegotiable in times of stress.
"Any contract is renegotiable if the goods depreciate."
(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." (23) Second, contrary to what some people expected, social science data clearly show that people who cohabit before marriage have a significantly higher probability of getting divorced than people who do not.
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).