A cyclical industry is characterized by frequent variations in output, often influenced by seasonal changes and broader economic cycles. This is evident in industries like construction, which experiences reduced activity during winter and fluctuates with changes in interest rates and demand.
Multiemployer bargaining, also known as association bargaining, refers to an arrangement where an association of employers in the same industry negotiates with labor unions as a collective entity.
A performance bond is a type of contract surety bond that guarantees the performance of contractual obligations by a contractor or service provider. It assures the client that the project or service will be completed as per the agreed-upon standards and terms.
