Reopener Due to Changed Circumstances. Either party may require renegotiation of the economic provisions of this Agreement in the event that circumstances significantly change the financial resources expected to be available to the University to meet the expenditure requirements of this Agreement. For purposes of this Section, the “economic provisions of this Agreement” are Article 19 (PROFESSIONAL DEVELOPMENT AND SUPPORT), Article 30 (SALARY AND RETIREMENT) and Article 31 (INSURANCE). The party requiring renegotiation will provide to the other party an identification of the circumstances that have changed and a rationale for how these circumstances impact University financial resources. In such an event, the parties will promptly bargain replacement economic provisions of this Agreement under the expedited bargaining procedure in state statute. The economic provisions of this Agreement will be frozen at the levels that were in effect on the date that notification is received until either an agreement on revised economic provisions is reached or the statutory bargaining process is concluded.
Appears in 8 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
