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If a bond covenant is not met, then the bond goes into technical default and the bondholder can demand immediate repayment or force the company to renegotiate the terms of the bond.
Closed Shop
A workplace arrangement where only employees who are union members are hired, often found in collective bargaining agreements.
Union Shop
A place of work where employees are not required to join the union upon hiring, but must do so within a specified timeframe as a condition of employment.
Employment at Will
A legal doctrine that means an employer can terminate an employee at any time for any reason, except an illegal one, and an employee can leave just as freely.
Employment Discrimination Law
Laws and regulations aimed at preventing workplace discrimination based on race, sex, religion, national origin, physical disability, and age.
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