(Contractor name) is not to incur any additional costs under the contract until it receives a modification that increases the available funding. At this time, (Contractor name) may not recover costs in excess of the (dollar amount), the funding currently available for payment on the contract.
Also called a contract or a union contract, a collective bargaining agreement (CBA) is an legally binding contract between the employees (union) and the employer, arrived at through negotiations between the parties, which lays out the rights and duties of each party.
Union employees choose who will speak for them in bargaining sessions with the employer, and vote to accept or reject the contract reached by the employer and employee bargaining committees. A ratified contract legally binds both sidesâmanagement and workersâto the contract terms.