A Labor-Management Contract is an agreement made between the workers and the leadership of a company. It is binding and enforceable in court. These agreements protect the rights of both the employees and company. Attorneys for both sides of the agreement establish the wage rates, working conditions, and benefits that employees will receive while performing specific services for the company. Employees under a contract enjoy greater employment stability and often receive higher levels of compensation than others in similar occupations. Companies tend to benefit from these agreements as well. A firm uses these agreements to mitigate disputes before they arise and stabilize their operating costs.
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