10th Bipartite Settlement – Date of Effect and Operation
Date of Effect and Operation
i. This Settlement shall be binding on the parties for five years from 1st November 2012.
ii. The terms and conditions hereof shall continue to govern and bind the parties even thereafter until the Settlement is terminated by either party giving to the other a statutory notice as prescribed in law for the time being in force.
iii. The Bank Karmachari Sena Mahasangh (BKSM) and the National Union of Bank Employees (NUBE) on behalf of the workmen agree that during the operation of this Settlement, the workmen will not for any reason whatsoever, raise any demand of any nature whatsoever on any of the banks in respect of matters, monetary or otherwise, covered by this Memorandum of Settlement.
iv. Copies of the Memorandum of Settlement will be jointly forwarded by the parties to the authorities listed in Rule 58 of the Industrial Disputes (Central) Rules, 1957 so that terms and conditions thereof are binding on the parties as provided in law.