Common use of Declaration of Financial Exigency Clause in Contracts

Declaration of Financial Exigency. 39.2.1 In the event that the University makes a preliminary determination that a layoff of Tenured faculty and/or Permanent academic staff is required as a result of Financial Exigency, the President (or designate) provides a “Declaration of Financial Exigency”, which discloses the circumstances and reasons for such Declaration and the magnitude of the proposed layoff, to the Joint Committee. 39.2.2 The University provides all relevant information to the Joint Committee for purposes of review. 39.2.3 The Joint Committee reviews the circumstances and reasons for the Declaration of Financial Exigency to satisfy itself that:

Declaration of Financial Exigency. 39.2.1 In the event that the University university makes a preliminary determination that a layoff of Tenured faculty and/or Permanent academic staff is required as a result of Financial Exigency, the President (or designate) provides a “Declaration of Financial Exigency”, which discloses the circumstances and reasons for such Declaration Declaration, and the magnitude of the proposed layoff, to the Joint Committee. 39.2.2 The University university provides all relevant information to the Joint Committee for purposes of review. 39.2.3 The Joint Committee reviews the circumstances and reasons for the Declaration of Financial Exigency to satisfy itself that: