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Pendulum Arbitration
Pendulum arbitration, otherwise known as final offer arbitration (or "FOA") or baseball arbitration, is a type of interest arbitration in which the arbitrator chooses one of the parties' proposals on each (or perhaps all) disputed issues. For example, in the case of labor collective bargaining, a trade union may demand a wage increase of 7% and the management may offer 3%. The arbitrator's decision has to choose between awarding a 3% or a 7% increase. This procedure is opposed to conventional interest arbitration, in which the parties present evidence and the arbitrator acts as fact-finder and crafts an award. In disputes over labor contracts, this dispute resolution procedure is known to be a common type of contract arbitration. Perhaps the most well-known instance is salary arbitration in Major League Baseball, where a certain class of players may elect to arbitrate their salary instead of accepting their team's salary offer. Final-offer arbitration is widely used to determine ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest Arbitration
In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit or reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs. For example, a customer would usually pay interest to borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower. Interest diffe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Union
A trade union (labor union in American English), often simply referred to as a union, is an organization of workers intent on "maintaining or improving the conditions of their employment", ch. I such as attaining better wages and benefits (such as holiday, health care, and retirement), improving working conditions, improving safety standards, establishing complaint procedures, developing rules governing status of employees (rules governing promotions, just-cause conditions for termination) and protecting the integrity of their trade through the increased bargaining power wielded by solidarity among workers. Trade unions typically fund their head office and legal team functions through regularly imposed fees called ''union dues''. The delegate staff of the trade union representation in the workforce are usually made up of workplace volunteers who are often appointed by members in democratic elections. The trade union, through an elected leadership and bargaining committee, b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collective Bargaining
Collective bargaining is a process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights for workers. The interests of the employees are commonly presented by representatives of a trade union to which the employees belong. The collective agreements reached by these negotiations usually set out wage scales, working hours, training, health and safety, overtime, grievance mechanisms, and rights to participate in workplace or company affairs. The union may negotiate with a single employer (who is typically representing a company's shareholders) or may negotiate with a group of businesses, depending on the country, to reach an industry-wide agreement. A collective agreement functions as a labour contract between an employer and one or more unions. Collective bargaining consists of the process of negotiation between representatives of a union and em ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Arbitration
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the minds be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Agency (Major League Baseball)
Free agency in Major League Baseball (MLB) concerns players whose contracts with a team have expired and who are therefore eligible to sign with another team. Free agents may be eligible for pendulum arbitration, also called "salary arbitration" or just "arbitration" in baseball circles. History Free agency in MLB has existed since the 1972 ''Flood v. Kuhn'' Supreme Court case. One of the landmark decisions in the aftermath was the Messersmith/McNally Arbitration, also known as the Seitz Decision, which effectively destroyed the "reserve clause" in baseball. With the end of the reserve clause, the players and the league negotiated a new collective bargaining agreement which was signed on July 12, 1976. It gave players a broader range of options as free agents. In Major League Baseball, free agents were previously classified as either Type A, Type B, or unclassified. Type A free agents were those determined by the Collective Bargaining Agreement to be in the top 20% of all players ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Major League Baseball
Major League Baseball (MLB) is a professional baseball organization and the oldest major professional sports league in the world. MLB is composed of 30 total teams, divided equally between the National League (NL) and the American League (AL), with 29 in the United States and 1 in Canada. The NL and AL were formed in 1876 and 1901, respectively. Beginning in 1903, the two leagues signed the National Agreement and cooperated but remained legally separate entities until 2000, when they merged into a single organization led by the Commissioner of Baseball. MLB is headquartered in Midtown Manhattan. It is also included as one of the major professional sports leagues in the United States and Canada. Baseball's first all-professional team, the Cincinnati Red Stockings, was founded in 1869. Before that, some teams had secretly paid certain players. The first few decades of professional baseball were characterized by rivalries between leagues and by players who often jumped from one te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
José Piñera
José Piñera Echenique (born October 6, 1948) is a Chilean economist, one of the famous Chicago Boys, who served as minister of Labor and Social Security, and of Mining, in the military dictatorship of Augusto Pinochet. He is the architect of Chile's private pension system based on personal retirement accounts. Piñera has been called "the world's foremost advocate of privatizing public pension systems" as well as "the Pension Reform Pied Piper" (by the Wall Street Journal). He is now Distinguished Senior Fellow at the Cato Institute, a libertarian think tank based in Washington, President of the International Center for Pension Reform based in Santiago, Senior Fellow at the Italian libertarian think tank Istituto Bruno Leoni, and member of the advisory board of the Vienna-based Educational Initiative for Central and Eastern Europe. He has a master's degree and a Ph.D. in economics from Harvard University. Piñera is a board member in Chile and an active supporter of SOS Children' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
