grandfather clause

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Related to grandfather clauses: Grandfathered in

grandfather clause

A clause that exempts certain people or businesses from new limitations or restrictions, thus allowing them to continue doing or benefiting from something as they did before. Originally referred to a clause added to the constitutions of some Southern US states that exempted people with relatives that had voted before 1867 from strict new voting requirements, in effect disproportionately limiting the ability of African Americans to vote. No, I still get to pay the reduced rate, thanks to a grandfather clause in my contract.
See also: grandfather

(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 ?
A grandfather clause stated that the rule applies only to income from tax-exempt bonds purchased after August 8, 1986.
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 the purposes of illustrating the effects of the grandfather clause, however, the following abstraction seems reasonable.
Both property-liability insurers and public policy-makers should be interested in the value of the grandfather clause. To compute this value, consider the optimal actions of a property-liability insurer if the grandfather protection were removed.
Corollary: The value of the grandfather clause, G(|Delta~), is given by
Thus, the value of the grandfather clause in this region is the value given in Claim 2 minus the value given in Claim 1 plus |Delta~ plus K.