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Formal Consent Agreement Law and Legal Definition. A formal consent agreement in the employment context is an agreement concluded after preliminary investigation uncovers major unfair labor practices (ULPs). It includes a written statement of facts underlying the charge, a waiver of the right to a public hearing, and consent to the issuance of a formal National Labor Relations Board (NLRB) order.
General agreements. Collateral Agreement. The collateral agreement is a binding contract made between two parties, one of whom is the âAssignorâ or the company that is enforcing or assigning the collateral agreement as a guarantee while the other is the âReceiverâ or the company or individual receiving the collateral. A collateral agreement can be unilateral or bilateral in nature.