Common use of Ratification and Approval Clause in Contracts

Ratification and Approval. When a tentative agreement has been reached between the parties’ Negotiators, the tentative agreement shall be referred to the Association Group for ratification and to the Board of Governors for approval. The approval procedures for both parties shall be concluded within thirty (30) days of the day of completion of negotiations. In the event that the Association Group fails to ratify the tentative agreement, or the Board fails to approve it, the negotiations may, by agreement of the parties, be resumed for a further period up to two- weeks before proceeding to impasse resolution in accordance with Article 8.7.