grandfather clause |
|
Definition
Provision that exempts certain entities from the full impact of an agreement, rule, or statute on the basis of preexisting arrangements or practices. A firm, for example, may decide to raise its prices from a certain date but charge the old price to existing customers.
email to a friend
print this definition
cite this definition
link to this page
grandfather clause is in the Agreements & Contracts subject.
This content can be found on the following page:
http://www.businessdictionary.com/definition/grandfather-clause.html







