Modifications to Procedures Clause Samples
The "Modifications to Procedures" clause establishes the process by which existing operational or contractual procedures may be changed during the course of an agreement. Typically, this clause outlines who has the authority to propose or approve changes, the required notice period, and any documentation or consent needed for such modifications. For example, it may require both parties to agree in writing before any procedural changes take effect. The core function of this clause is to provide a clear and agreed-upon method for adapting procedures as circumstances evolve, thereby reducing confusion and disputes over how changes should be implemented.
Modifications to Procedures. In the event that the procedures set forth in Section 2.2 or Section 2.3 are no longer consistent with (a) applicable law, including without limitation the rules of the SEC, or Applicable Listing Requirements, (b) the Charter as a result of any amendment thereto, or (c) the Bylaws as a result of (i) any amendment thereto adopted by the stockholders of the Company or (ii) any amendment thereto adopted by the Board but not stockholders in order to reflect changes in (A) applicable law, including without limitation the rules of the SEC, or (B) Applicable Listing Requirements, then the Company and the Union will negotiate in good faith to modify the procedures set forth in Section 2.2 or Section 2.3, as applicable, so as to effect the original intent of the parties as closely as possible in an acceptable manner to permit the Union to exercise its rights under Section 2.1.