grandfather clause

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(a) grandfather clause

a clause in an agreement that protects certain rights granted in the past even when conditions change in the future. The contract contained a grandfather clause that protected my pension payments against claims such as might arise from a future lawsuit.
See also: grandfather
References in periodicals archive ?
But as with the grandfather clause, it's up to the administration to turn the law's general language into clear regulations.
The grandfather clause discussed above does not apply to the multiple tax moratorium.
Then, using historical parameters, we show that the value of the option to switch between bond classes and the value of the grandfather clause have nontrivial magnitudes.
For instance, McCain Ellio's Foods, whose "Healthy Slice" pizza would not be allowed, believes the grandfather clause is unfair and would give a competitive advantage to those companies allowed to retain the word "healthy" in brand names simply because they were in the marketplace longer.
The grandfather clause excluded from reporting and monitoring requirements short positions on stocks prior to the time these stocks were included in a threshold list of stocks with substantial short positions.
Removing the grandfather clause would only serve to punish Gamma and hurt its workers," said Kalikow at the-hearing.
A grandfather clause, according to Wikipedia, "is a provision in which an old rule continues to apply to some existing situations, while a new rule will apply to all future cases.
The Board further noted that the grandfather clause results in reduced safety margins because pipeline MAOP is the basis for important decision making driven by other pipeline regulations.
A grandfather clause allows all current HUBZone areas to remain in the program until 2010 census figures are released.
Franco exercised his right-of-refusal option based on a contract with a grandfather clause he signed with the St.
FAAA imposed various requirements on wine labels and included a grandfather clause for holders of a Certificate of Label Approval, which exempts them from prohibitions on the use of appellations of origin in brand names for wines.
A grandfather clause on specific internet access taxes in place prior to 1998 for the full four-year period of the moratorium: and
The moratorium has a grandfather clause, so it will only apply to current and future applicants.
Instead, the grandfather clause gave some businesses motivation for keeping their oldest, dirtiest facilities going.
The lack of a grandfather clause requires companies conducting business in Canada to examine their information handling procedures to ensure that all information, even that already collected, is protected from disclosure.