ADJUSTMENT PROVISIONS FOR THE SECOND YEAR OF THE AGREEMENT Sample Clauses

ADJUSTMENT PROVISIONS FOR THE SECOND YEAR OF THE AGREEMENT. Before the end of the first year of the Agreement, NHO and LO, or a body authorized by them, shall commence negotiations on any wage adjustments for the second year of the agreement. The parties are in agreement that the negotiations shall be carried out on the basis of the economic situation at the time of negotiation, and the prospects for the second year of the agreement, as well as price and wage developments in the first year of the agreement. The Supervisory Board of LO, or anybody authorized by the Supervisory Board, and NHO’s Executive Board, shall consider changes in the collective wage agreements for the second year of the agreement. If the parties do not come to an agreement, the organization that has made demands can within 14 – fourteen – days after concluding the negotiations, cancel the individual collective wage agreements with 14 – fourteen – days’ notice (but not to expire before 1 June 2021).
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ADJUSTMENT PROVISIONS FOR THE SECOND YEAR OF THE AGREEMENT. Before the end of the first year of the agreement, negotiations shall take place between Virke and LO, or the body authorised by LO, regarding any wages adjustments for the second year of the agreement. The parties agree that the negotiations shall be conducted on the basis of the financial situation at the time of the negotiations and the prospects for the second year of the agreement, as well as trends in prices and wages during the first year of the agreement. The changes in the wage agreements for the second year of the agreement will be considered in LO's supervisory board, or the body authorised by LO and by Virke. If the parties do not agree, the organization that has submitted claims can, within 14 (fourteen) days after the conclusion of the negotiations, terminate the individual collective agreements with 14 (fourteen) days notice (but not to expire before 1 April 2021).
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