NFB Clause Samples
The NFB (No Further Benefit) clause establishes that, after a certain event or fulfillment of specific obligations, no additional benefits, payments, or entitlements will be provided to the party in question. In practice, this clause is often used in settlement agreements or contract terminations to clarify that once the agreed-upon compensation or remedy is delivered, the party waives any right to claim further amounts or advantages related to the matter. Its core function is to ensure finality and prevent future disputes by clearly limiting the parties' obligations beyond what has already been agreed.
NFB. 1.1.1 As in the past, the employer will continue to provide employees who would otherwise be laid off following a WFA with every reasonable opportunity to retain their employment. The NFB will make a reasonable effort to provide a reasonable job offer to employees affected by a WFA.
1.1.2 The NFB will carry out effective human resource planning to minimize lay-offs and the impact of a WFA on continuous status employees, based on organizational needs.
1.1.3 The NFB will inform and consult the bargaining agent’s representatives in the event of a WFA and in accordance with the stipulated provisions.
1.1.4 After notifying the bargaining agent of a potential WFA situation, the NFB will meet with the bargaining agent’s representatives to develop a human resources transition plan with a view to minimizing adverse impacts on the employees affected by the WFA. The scope and range of the transition plan will depend on the number of surplus employees.
1.1.5 The employer must identify all vacant or potentially vacant positions and make this information available to the bargaining agent.
1.1.6 The NFB will establish an advisory committee following the announcement of a WFA affecting more than five (5) persons across bargaining unit lines. The committee shall include the managers, Human Resources officers and bargaining agents concerned. The committee will analyze the WFA’s impacts to mitigate its negative repercussions. The committee will consult on various issues including the following:
(a) Justification of the choices made to determine surplus positions;
(b) Implementation of the definition of a reasonable job offer;
(c) Appointment of employees for a set period;
(d) Alternation, available temporary assignments and retraining;
(e) Non-standard work arrangements, including part-time work and job sharing;
(f) Leave of absence;
(g) Employee communication strategy.
1.1.7 The NFB will confirm to the bargaining agent, in writing, all decisions made under the WFA administrative framework.
1.1.8 The NFB will facilitate the reassignment or retraining of the surplus employees.
1.1.9 When the NFB determines that the services of an employee are no longer required under a WFA, it will advise that employee in writing by issuing a surplus status notice. A template for the letter along with a list of the affected persons must be promptly submitted to the bargaining agent1. The NFB will supply surplus employees with full details as soon as possible after the surplus status notice ha...
NFB. The entire authorized capital stock of NFB consists of 50,000 shares of NFB Common, of which a total of 6,000 shares are issued. All of the issued and outstanding shares of NFB Common have been duly authorized, are validly issued, fully paid, and non-assessable, and are held of record by the respective stockholders as set forth on Section 4.29.4 of the Merged Entities Disclosure Schedule. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, co-sale rights, pre-emptive rights, or other contracts or commitments that could require NFB to issue, sell, or otherwise cause to become outstanding any additional shares of its capital stock. There are no outstanding or authorized stock appreciation, phantom stock, profit participation, or similar rights with respect to NFB. There are no voting trusts, proxies, or other agreements or understandings with respect to the voting of the capital stock of NFB.