Common use of Annual Increases Clause in Contracts

Annual Increases. The Base Salary shall be increased at the end of each year of service by a minimum amount equal to (i) a percentage equal to the increase, if any, in the United States Department of Labor Consumer Price Index for Chicago urban areas, all items, over the previous twelve months. If the index specified in this paragraph is discontinued or not available, a substitute index shall be selected by arbitration in the manner contemplated by Paragraph 6e unless the parties mutually agree on a substitute index.