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.

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 ?
In a statement issued by Ottawa, Trudeau said the discussion centered on "areas of mutual interest." The talk came a day after the White House (https://www.whitehouse.gov/trade-deals-working-all-americans) posted a page on its website committing it to renegotiating NAFTA and withdrawing from TPP, which was not approved by the Senate.
The risk of renegotiating the deal, even with the approval of all parties, lies in the uncertainties that would emerge.
Republican nominee Donald Trump called NAFTA a "disaster" and backed renegotiating the pact in a policy speech in Detroit on Monday.
According to analysts, Gordon's strategy is three-fold: advance his renegotiating position for the affiliation with Nine (which was pushing for higher fees); become a player and/or an obstacle to media mergers (e.g., Network Ten bidders Discovery and Foxtel) and prepare for the repeal of a rule that prevents TV networks from reaching more than 75 percent of the Australian population.
Renegotiating the PHC MECA, which expires in August this year, is a major item on the PHC sector agenda this year.
This would mean that a new Scottish state would go it alone on the global stage, renegotiating terms of entry into every international body.
Mr Clegg told his radio phone-in show: "I simply don't understand the point of spending years and years and years tying yourself up in knots, so-called renegotiating the terms of British membership in ways which at the moment at least are completely vague.
Summary: Greek's pro-euro parties have agreed a coalition, intent on renegotiating the terms of the country's controversial international bailout.
Beach's Managing Director, Mr Reg Nelson said "Renegotiating the old royalty agreement has been important to ensure future alignment between Delhi and EARL to facilitate long-term capital investment that will drive significant growth opportunities in the Cooper Basin."
Businessman Michael Holland, who also owns the Fitzwilliam Hotel, bought the chain through his investment engine Gonville after renegotiating leases for the stores.
Even though the country denied that it was renegotiating the terms, investor apprehension pushed Greece's borrowing costs to a record euro high.
Limitless, one of Dubai World's property units, is renegotiating payment schedules with construction companies on three big Dubai developments ahead of a US $1.2 billion (AED 4.4 billion) loan repayment due in March, reported The National newspaper.