Common use of Wage Re-opener Clause in Contracts

Wage Re-opener. With the understanding that circumstances in the industry could change over the course of a four year agreement it is hereby agreed that between 90 and 120 days prior to either May 5/13 or May 4/14, but not both, either Party may give to the other Party notice that they wish to renegotiate the wage rates applicable to this Clause only, for the balance of the term of the Collective Agreement. Upon receipt of such notice the Parties will have until 60 days prior to the closest date noted above to reach agreement, failing that the dispute will automatically be submitted to an Arbitration Panel consisting of Xx. Xxxx Xxxxxx (or an alternate agreed by the Parties prior to the submission to Arbitration) and one nominee appointed by each Party whose names shall be provided to the other respective Party within two weeks of the notice to renegotiate being received. It is understood that the only matter in dispute can be the wages contained in this Clause. The Arbitration Panel will conduct a hearing within 30 calendar days of having the dispute referred to them and will issue a decision prior to the closest of the two dates noted above. The Arbitration Panel will have the authority to determine the issues in dispute in the remaining term of the Collective Agreement only and cannot make any decision having retroactive effect. The Arbitration Panel shall be restricted to choosing from one of the following three options;