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 ?
"When it comes to the KORUS FTA renegotiations, I would be more concerned about whether they can effectively communicate with local interested parties," Prof.
The company's leverage could increase beyond Fitch's initial expectation as a result of a contract renegotiation that impacts its cash flow generation in the short-term and may result in negative rating actions.
As currently drafted, most renegotiation mechanisms do not sufficiently address necessary revisions to credit margins.
In an interview with Ahram online, the former vice president of the Egyptian Petroleum Authority, Medhat Youssef, said that Cyprus' renegotiation with energy companies over the revenue sharing agreement for the 4.5 trillion cubic feet (tcf) Aphrodite gas field find is a normal procedure that should be undertaken if there is a change in the market, including oil prices.
Song positively assessed the outcome of the KORUS FTA renegotiations with regard to preventing additional opening of the domestic agriculture market.
With Round Four of the NAFTA renegotiations, for instance, Canadian Prime Minister Justin Trudeau was in D.C.
TEHRAN (FNA)- Iranian Supreme Leader's top aide for international affairs Ali Akbar Velayati underlined his country's strong opposition to the renegotiation on the internationally-endorsed 2105 nuclear deal with the world powers.
The goal of the Nafta renegotiations, he added, was that all three countries involved win.
Summary: Mexico City [Mexico], Sept 2 (ANI): A second round of NAFTA renegotiations began today between Mexico, Canada and the United States, following first round of discussions last month.