The phrase signifies the retention of a prerogative or entitlement by an entity. It denotes the power or authority to take a particular action, make a specific decision, or modify an existing agreement or condition without prior notice or consent from another party. For example, a company might include a statement indicating that it retains the authority to alter the terms of service at any time.
This concept provides flexibility and protection for the entity asserting it. It allows for adaptation to unforeseen circumstances, changing market conditions, or evolving legal landscapes. Historically, such clauses have been included in contracts and legal documents to safeguard the interests of the party with potentially greater responsibility or exposure to risk. The inclusion of this type of clause is essential for prudent risk management and strategic decision-making in numerous contexts.