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 ?
The grandfather clause does not apply to the discriminatory tax moritorium.
For the purposes of illustrating the effects of the grandfather clause, however, the following abstraction seems reasonable.
Once the change takes effect, short positions previously protected by the grandfather clause must be closed out within 35 days.
Greg Abbott signs a red light camera ban that includes a grandfather clause, many Texas cities would hurriedly extend their contracts before the bill becomes law, ensuring that their red light camera systems could continue operating for decades.
Many associations apply a grandfather clause when they introduce a new certification, which means that someone earns the certification based on experience or other criteria but not on an actual exam.
The 2011 Act does not directly address the MAOP grandfather clause, but it effectively and significantly limits its applicability through the new requirement that DOT promulgate testing regulations for previously untested transmission lines in HCAs operating above 30% SMYS.
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.
The National Governors' Association had sought to ensure that the final legislation provided a grandfather clause for existing taxes, preserved existing tax debts for companies that owe tax on Internet access and included a "Main Street" business representative on the electronic commerce advisory commission.
Representation became slightly less proportional than it was under the amalgam system, notably because the grandfather clause applied in relation to a lower total number of seats.
However, they contain a grandfather clause for debt outstanding before that date.
And over the objections of Clarke, the council added a grandfather clause that made legal the Rumors tumor and its imitators.
I believe Universal Express' share price could rise far in excess of $2 per share if the SEC eliminates its Grandfather Clause from its Regulation SHO.