ECONOMIC CONTINGENCY Sample Clauses
An Economic Contingency clause allows parties to adjust or terminate their contractual obligations if significant economic changes occur that impact the feasibility or cost of performance. Typically, this clause outlines specific economic triggers—such as drastic increases in material costs, inflation rates, or market disruptions—that would permit renegotiation or cancellation of the agreement. Its core function is to allocate risk and provide flexibility, ensuring that neither party is unfairly burdened by unforeseen economic shifts beyond their control.
ECONOMIC CONTINGENCY. In the event of a legislative, regulatory or economic change to the following, the District will have the right to demand that the Oak Park and River Forest High School Faculty Senate (Faculty Senate) bargain the impact of such a change with the District. In order for such bargaining to occur, the District must notify the Faculty Senate within 45 days of a change triggering this clause of its desire to bargain. The parties will bargain for no fewer than five sessions consisting of no fewer than three hours each. If no modifications to the contract have been agreed upon during the bargaining period, the District will have the right to cancel the remaining year(s) of the contract and bargaining over a successor agreement will begin within fifteen (15) days of the District’s notifying the Faculty Senate of the cancellation of the contract. If the District chooses to exercise the right to cancel the contract, it must do so no later than June 1, of the year in which the parties were bargaining over the legislative, regulatory or economic change.
1. The State of Illinois shifts the portion of TRS pension costs it pays to local school districts and the result is a substantial increase in District expenditures.
2. The State of Illinois imposes changes on the District’s property tax extension authority and the result is a substantial decrease in the District’s collection of local revenue.
3. The District voters successfully pass a referendum proposition pursuant to State of Illinois statute reducing the amount extended by the school district for educational purposes for the levy year.
ECONOMIC CONTINGENCY. If during any year of the Term CRI anticipates that its yearly purchases of online marketing research data and services will fall below $[****], then it shall so notify GFOL. [****].
ECONOMIC CONTINGENCY. Beginning with the 2019-20 school year and thereafter, in the event of a legislative, regulatory or economic change to the following, the District will have the right to demand that the Oak Park and River Forest High School Faculty Senate (Faculty Senate) bargain the impact of such a change with the District. In order for such bargaining to occur, the District must notify the Faculty Senate within 45 days of a change triggering this clause of its desire to bargain. The parties will bargain for no fewer than five sessions consisting of no fewer than three hours each. If no modifications to the contract have been agreed upon during the bargaining period, the District will have the right to cancel the remaining year(s) of the contract and bargaining over a successor agreement will begin within fifteen (15) days of the District’s notifying the Faculty Senate of the cancellation of the contract. If the District chooses to exercise the right to cancel the contract, it must do so no later than June 1, of the year in which the parties were bargaining over the legislative, regulatory or economic change.
1. The State of Illinois shifts the portion of TRS pension costs it pays to local school districts and the result is a substantial increase in District expenditures.
2. The State of Illinois imposes changes on the District’s property tax extension authority and the result is a substantial decrease in the District’s collection of local revenue.
3. The District voters successfully pass a referendum proposition pursuant to State of Illinois statute reducing the amount extended by the school district for educational purposes for the levy year.
ECONOMIC CONTINGENCY. In the event of a legislative, regulatory, or economic change resulting in one or more of the following events, either party may demand that the contract be reopened for the limited purpose of bargaining the change or demand that the term of the contract accelerate to expire on the June 30th following the date of the event.
A. The State of Illinois shifts the portion of TRS pension costs it pays to local school districts and the result is a substantial increase in District expenditures.
B. External changes to the District’s property tax extension authority and/or other external changes that result in a substantial negative impact on the District’s ability to collect property taxes.