Common use of ECONOMIC HARDSHIP Clause in Contracts

ECONOMIC HARDSHIP. In the event that the City suffers substantial economic hardship during the term of this Agreement, the parties agree to engage in a cooperative dialogue about ways to assist the City in addressing such hardship. “Substantial economic hardship,” as used herein, shall include, but not be limited to, a decline in overall General Fund revenues, or an increase in General Fund expenses, of five percent (5%) or more. Nothing in this paragraph shall preclude or impede the City Council from exercising such additional authority as may be conferred by other provisions of this agreement or by State or Federal law. This provision is not subject to the grievance procedure.