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 JAC of NASU and SSANU made series of communications with the FGN on the need to return to table to renegotiate the Agreement which was due since 2012 all to no avail until 2017 when it reluctantly set up the Renegotiation Committee.
There is no room for renegotiation, but further clarifications are possible," Juncker tweeted on Tuesday.
The Business Loans Working Group of the Alternative Reference Rates Committee is currently considering LIBOR replacement language that may not require renegotiations. In the meantime, however, the renegotiation mechanisms in place necessarily mean loans will be repriced.
The post Egypt highlights benefits of Cyprus gas renegotiations appeared first on Cyprus Mail .
During the renegotiation period and until revisions are agreed upon, the Renova Foundation will continue to implement the programs.
Washington has also sent mixed signals since Trump triggered the renegotiation of what he has described as the worst trade deal in history.
Both sides discussed 20 tariff lines and Indonesia agreed to give unilateral concession on major exports from Pakistan including zero percent tariff on tobacco, textile fabric, rice, ethanol, Citrus (Kinnow), woven fabric, t-shirts, apparel and mangoes during renegotiation on PTA, he said.
Secretary Commerce, Muhammad Younas Dhaga said before PTA, Indonesia granted only two months for export of Pakistan's citrus and mangoes but now after renegotiation, Pakistan could export those fruits to Indonesia for the whole year.
Both sides had discussed 20 tariff lines and Indonesia agreed to give concession on major exports from Pakistan including rice, textile, ethanol, kinnow and mangoes during renegotiation on PTA.
Expanding on this, the Office of the USTR issued a statement that the fourth round of renegotiation talks were expected to cover more than two dozen topics, while "Building on the progress of NAFTA round three and the close of a chapter on Small- and Medium-sized Enterprises, the U.S., Canada and Mexico have now closed the chapter on Competition."