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LSDefine

Simple English definitions for legal terms

renegotiation

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A quick definition of renegotiation:

Renegotiation: Renegotiation is when two parties come together to discuss and change the terms of an agreement they previously made. This can happen when one party is not satisfied with the original terms or when circumstances have changed. For example, if you agreed to do chores for $10 a week but later realize it's too much work for too little pay, you might ask to renegotiate the terms to $15 a week for fewer chores. In some cases, renegotiation can also happen with government contracts to make sure the contractor is not making too much profit.

A more thorough explanation:

Definition: Renegotiation is the process of negotiating again or on different terms. It can also refer to the reexamination and adjustment of a government contract to eliminate or recover excess profits by the contractor.

Examples:

  • After the initial contract was signed, the two parties decided to renegotiate the terms to better suit their needs.
  • The government decided to initiate a renegotiation of the contract with the construction company to ensure that they were not making excessive profits.

The first example illustrates renegotiation as the act of negotiating again on different terms. The two parties involved in the contract decided that the initial terms were not satisfactory and needed to be changed. The second example illustrates renegotiation as the reexamination and adjustment of a government contract to eliminate or recover excess profits by the contractor. The government wanted to ensure that the construction company was not making more money than they deserved, so they initiated a renegotiation of the contract.

renegotiable-rate mortgage | renovare

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9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
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