Common use of Variation of the Arrangements Clause in Contracts

Variation of the Arrangements. As an alternative to clause 26.6 and only by mutual agreement of the Employer and Employee, the provisions of the deferred arrangement may be varied subject to the following: (a) the term of the arrangement will not extend beyond that contemplated by this clause; (b) the variation will not result in any consequential monetary or related gain or loss to either the Employer or the Employee; and (c) the percentage of salary to apply during the twelve months leave as specified in clause 26.3 will be calculated as 80% of the average ordinary prescribed hours worked over the previous four years.