| Commentary

28.4 Unilateral variation

| Commentary

28.4 Unilateral variation

An agreement may provide for one party to vary the terms unilaterally. The following example is taken from a consumer credit agreement.

‘To enable us to take account of actual or expected changes in market conditions, we may from time to time increase or reduce the interest rate after giving you 30 days’ previous written notice. We may give effect to any such increase or reduction by increasing or reducing the length of the estimated repayment or the size of your monthly payment or both.’

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial