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Term of the Day
BusinessDictionary.com
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
.
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Nearby Terms
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Gramm-Leach-Bliley Act
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