Common use of Financial Issues Clause in Contracts

Financial Issues. 7.1. A lump sum of seventy-five million dollars ($75,000,000) to be allocated as follows: A. Two million dollars ($2,000,000) for re-training for individuals previously laid off due to contracting out; B. Five million dollars ($5,000,000) for re-training of employees laid off due to contracting out in the future; and C. Sixty-eight million dollars ($68,000,000) for payments to impacted individuals. 7.2. The parties agree that the total amount committed for the above purposes must not exceed seventy-five million dollars ($75,000,000). 7.3. A joint governance Committee will be established between HEABC and the Facilities Bargaining Association to set priorities for how to allocate payments to impacted individuals. The joint governance Committee will be established within thirty (30) days of the effective date of a Settlement Agreement and will be terminated on December 31, 2008. 7.4. The parties agree on the following process for the identification and categorization of impacted individuals entitled to a payment from the sixty-eight million dollar ($68,000,000) lump-sum amount: A. Step One: i. The Facilities Bargaining Association will engage in the following preliminary process: a) the identification of impacted individuals; b) the criteria and categories of impact; and c) the value assigned to each category of impact. By no later than March 31, 2008, the number of categories and the relative value of such categories will be established. Subsequently, the determination can be made as to the expenditure of the sixty- eight million dollar ($68,000,000) lump sum by calculating the number of impacted individuals in each category times the relative value of all categories divided into the sixty-eight million dollar ($68,000,000) lump sum. B. Step Two: i. The joint governance Committee with a neutral Chair will be established comprised of three (3) representatives appointed by the Facilities Bargaining Association and three (3) representatives appointed by HEABC. The parties agree that, in order, ▇▇▇▇▇ Ready or ▇▇▇▇▇ ▇▇▇▇▇▇ or ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ will be appointed as the neutral Chair of the joint governance Committee, subject to his/her availability consistent with the needs of the parties. ii. The Committee will determine its own process. iii. The Committee will review and confirm: a) the identification of impacted individuals; b) the categories of impact and criteria for inclusion in that category; c) the application of the criteria to impacted individuals and/or the assignment of impacted individuals to categories of impact; and d) the value assigned to each criteria in the category of impact. iv. Disputes by previously impacted individuals will be limited to appropriate application of the criteria to individuals for placement within the categories established. v. The application of the criteria to impacted individuals and/or the assignment of impacted individuals to categories of impact must be finalized, prior to any distribution of funds, in the event there are disputes over assignments. vi. The Chair has jurisdiction only to resolve disputes regarding the allocations and development of criteria and assignment of individuals to categories, and there is no jurisdiction to render any decision, the effect of which would result in the lump sum of sixty- eight million dollars ($68,000,000) being exceeded. The Chair also has jurisdiction to determine that the process set out in Step One and Step Two will not be conducted in a manner that is arbitrary, discriminatory, or in bad faith.