Business Glossary - N

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Negotiated Grievance Procedure - The sole and exclusive procedure available to all employees in a bargaining unit and the employer for processing grievances and disputes.

Negotiation - The “face to face” process used by local unions and the employer to exchange their views on those matters involving personnel policies and practices, or other matters affecting the working conditions of employees in the unit and reduced to a written bindi

Negotiation Dispute - That point in negotiations where labor and management cannot come to an agreement on some or all of the issues on the bargaining table and the services of the FMCS have not been utilized.

Net Profit - result obtained when expenses are subtracted from revenues.

Net Worth - Property owned (assets), minus debts and obligations owed (liabilities), is the owner’s equity (net worth).

Notes And Accounts Receivable - A secured or unsecured receivable evidenced by a note or open account arising from activities involving liquidation and disposal of loan collateral.