Once the Parties Have Entered into the Collective Bargaining Process,each

question 42

True/False

Once the parties have entered into the collective bargaining process,each is bound by a duty of good faith to make substantive efforts to negotiate a collective agreement that provides for grievance and arbitration procedures for resolving disputes as opposed to strikes by employees and lockouts by employers.

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Definitions:

Real Estate

Property consisting of land or buildings, and the natural resources of the land including uncultivated flora and fauna, farmed crops and livestock, water, and mineral deposits.

Mortgage Debt

The amount of money borrowed to purchase a property, which the borrower is obligated to repay with interest to the lender, typically secured by the property itself.

Equity of Redemption

The right of a borrower to reclaim their property pledged as collateral upon full repayment of the debt prior to foreclosure.

Foreclosure

The legal process by which a lender obtains the property used as collateral for a loan, typically due to the borrower's failure to make payments.