Common use of Market Rates Clause in Contracts

Market Rates. ‌ Market rates are the most cost-efficient pay rates at which highly qualified and desirable employees can be employed on a part-time basis to perform the required work. Market rates may vary from time to time and may be higher, equal to or lower than overload rates or adjunct rates that might otherwise be applicable to faculty members performing the work. Any notice or offer of work that will be compensated at market rates shall state the applicable market rate. Upon request, the Human Resources Department will provide the Association with a written explanation of the basis for any market rate and will disclose the data and data sources upon which the rate is based. The College will consider any relevant information provided by the Association in establishing market rates.