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 ?
The Greens deputy leader Mary White maintained while the party wants to renegotiate the two-year-old programme for Government, it does not want to distance themselves from Fianna Fail.
Pakistan asked to renegotiate the contract for financial reasons.
approach comes just 24 hours after Football League chairman Keith Harris vowed not to cave in under the TV company's demands to renegotiate the contract.