Common use of Financial Emergencies Clause in Contracts

Financial Emergencies. 23.4.1 A financial emergency is defined as a sudden, catastrophic situation (including, but not limited to a natural disaster, public health crisis, or act of terror) that requires budget reductions of such a magnitude that the layoff of faculty is necessary and of such urgency that the procedures outlined in Section 23.3 cannot reasonably be followed.

Financial Emergencies. 23.4.1 21.4.1 A financial emergency is defined as a sudden, catastrophic situation (including, but not limited to a natural disaster, public health crisis, or act of terror) that requires budget reductions of such a magnitude that the layoff of faculty is necessary and of such urgency that the procedures outlined in Section 23.3 21.3 cannot reasonably be followed.