Changes in Valuation Clause Samples
The "Changes in Valuation" clause defines how adjustments to the assessed value of an asset, property, or investment are handled during the term of an agreement. Typically, this clause outlines the procedures for updating valuations, such as requiring periodic appraisals or allowing for revaluation in response to market changes or specific triggering events. Its core function is to ensure that all parties have a clear and agreed-upon method for addressing fluctuations in value, thereby reducing disputes and maintaining fairness in financial arrangements.
Changes in Valuation. Where, during the term of this Agreement
(a) the Union believes that a class is incorrectly valued; or
(b) the Corporation revalues an existing class or values a new class covered by this Agreement such matter shall be the subject of discussions between the parties, and failing agreement within sixty (60) calendar days the Union may resolve any dispute relating to the valuation of a class by referring the matter to the next round of collective bargaining between the parties. By mutual agreement the Union and the Corporation may refer a valuation dispute to a third party for final and binding resolution.
Changes in Valuation. The classification and reclassification process shall not be used to seek changes in valuation to existing positions or classes of positions in the Collective Agreement. Such matters shall be referred and dealt with as part of the next round of collective bargaining unless there is mutual agreement to submit specific disputes to a third party arbitrator.
Changes in Valuation. Where, during the term of this Agreement
(i) the Union believes that a class is incorrectly valued; or
(ii) the Employer revalues an existing class or values a new class covered by this Agreement such matter shall be the subject of discussions between the parties, and failing agreement within sixty (60) calendar days the Union may resolve any dispute relating to the valuation of a class by referring the matter to the next round of collective bargaining between the parties. By mutual agreement the Union and the Employer may refer a valuation dispute to a third party for final and binding resolution. In the event that a position or class of positions is reclassified or revalued, the following shall apply:
i. In the event a position or class of positions is reclassified upwards, each incumbent shall receive the new rate for the class in all cases where there exists a single rate of pay for the class. In those cases, where there exists a pay range for the class, each incumbent shall be placed on the lowest step of the pay range that exceeds the incumbent’s previous rate. The increment date for each incumbent shall be amended to accord with the effective date of the adjustment.
ii. In the event a class of positions is revalued, each incumbent shall receive the new rate for the class in all cases where there exists a single rate of pay for the class. In those cases, where there exists a pay range for the class, each incumbent shall be placed on the same step of the new pay range that the Employee occupied on the old pay range for the class. The increment date for each incumbent shall not be amended.
iii. In the event a position or class of positions is reclassified or revalued downwards, the incumbent(s) shall suffer no loss of pay but shall be granted no general increase until the revised rate of pay is reached.
Changes in Valuation. Where, during the term of this Agreement:
(a) the Union believes that a class is incorrectly valued; or
(b) the Employer re-values an existing job or values a new job covered by this Agreement; such matter shall be the subject of discussions between the parties, and failing agreement within sixty (60) calendar days the Union may resolve any dispute relating to the valuation of a class by referring the matter to the next round of collective bargaining between the parties.