Common use of Voluntary Exit Option Clause in Contracts

Voluntary Exit Option. a) Before any Notices of Layoff are issued, the Employer will identify potential vacancies by canvassing employees in the Bargaining Unit in the affected salary grid or below to determine whether any of those employees wish to voluntarily terminate employment with the Employer. The Employer will provide an irrevocable Letter of Intent to any interested employee. Employees wishing to take Voluntary Exit shall sign the irrevocable Letter of Intent within five (5) business days. The Letter of Intent will be in effect for thirty (30) calendar days from the date of the letter.