Flexibility clause meaning

This edition covers: Commercial Competition and state aid Data protection and cybersecurity Financial services Energy Environment Insurance and reinsurance IP Life sciences TMT International trade Daily and weekly news alerts New and updated content Trackers Commercial Court of Justice of the EU rules on (un)fairness of profit-sharing clause in minor athlete’s contract In a significant judgment, the Court of Justice has confirmed that EU consumer protection rules extend to agreements with minors in the sports arena. A term requiring a young sportsperson to surrender a portion of future earnings to a talent agency upon turning professional can be classed as unfair under Directive 93/13/EEC (the EU UTCCD) where it is not clear and comprehensible about the financial impact of the promise made. Staying consistent with its consumer protection stance, the Court once more underscores the centrality of transparency. As gifted youngsters are signed at ever earlier stages, the ruling is...

In this issue EU fundamentals Banking and finance Corporate Data protection and cybersecurity Free movement, immigration and employment Financial services Energy Environment IP Life sciences TMT International trade Daily and weekly news alerts Trackers New and updated content EU fundamentals European Court of Justice rules on asymmetric jurisdiction clauses (Società Italiana Lastre Spa v Agora SARL) The Court of Justice confirmed, pursuant to Article 25 of Regulation 1215/2012 (Brussels I, recast), that asymmetric jurisdiction provisions are valid when favouring the competent courts of EU Member States or members of the Lugano Convention. Where such clauses comply with the mandatory requirements of Brussels I (recast), they are to be considered under that regulation rather than under individual national laws. The clause must set out objective criteria enabling a court seised to determine whether it has jurisdiction. A reference to ‘any other competent court’ is adequate, provided that competence is...

In this issue: Pension Schemes Bill Taxation Members and benefits Employers and auto-enrolment Disputes, discrimination and divorce Public sector pension schemes Daily and weekly news alerts Dates for your diary Trackers Pension Schemes Bill Pension Schemes Bill: HoL Grand Committee, Day 6: government holds firm amid opposition challenges including on investment mandation On 3 February 2026, the House of Lords Grand Committee wrapped up its sixth day of close scrutiny of Clauses 40 to 96 of the Pension Schemes Bill. All clauses were approved as originally drafted, the government avoided any defeats, and every opposition and non-government amendment was either withdrawn or not moved, including proposals aimed at the highly contentious Clause 40, which sets out reserve powers enabling the government to require minimum asset allocations in defined contribution default funds. The Grand Committee is scheduled to examine the remaining parts of the Bill on 5 and 23 February 2026, and 3 March 2026....

This glossary sets out many of the expressions commonly used in the leveraged finance market. Words appearing in the definitions in bold are defined elsewhere in this glossary. For further banking terminology, please refer to the main Banking & Finance Glossary... Acquisition finance glossary—A Acceleration Acceleration is the formal action taken by the agent, on the instructions of the majority lenders, following an event of default, such as making a demand for early repayment of the loan. See Practice Note: Accelerating a loan for more information... Accordion feature/accordion facility An accordion, also called an incremental debt feature, is a mechanism in the facilities agreement that, provided specified conditions are satisfied (for example, pro forma compliance with a leverage test), permits those lenders under the facilities agreement who wish to do so to advance additional debt. The terms for that extra debt are typically captured in an increase notice. This accordion or incremental debt flexibility is different from structural adjustment, which usually requires the majority consent...

This Practice Note This Practice Note sets out why employers include a payment in lieu of notice (PILON) clause and how operating a PILON affects the employee's notice period and the termination date. It distinguishes between contractual and non-contractual PILONs, and considers PILONs in the contexts of immediate termination, breach of contract, wrongful dismissal and post-termination restrictions. The discussion of contractual PILONs also addresses mitigation, notification requirements and gross misconduct. Practical drafting guidance is provided to enhance employer flexibility when combining a PILON with other termination arrangements, such as garden leave, and regarding the timing, calculation and payment of PILONs. The Note also outlines the tax treatment of PILONs and flags issues to bear in mind for payments to directors, including the requirements of the UK Corporate Governance Code. It confirms that the right to notice is a right for the employee to remain in employment throughout the notice period, rather than simply to be paid for it...

This Practice Note sets out a concise overview of the Istanbul Arbitration Centre (ISTAC), the ISTAC Arbitration Rules (ISTAC Rules), and how ISTAC’s governing bodies oversee the administration of arbitrations. Founded in 2015, ISTAC delivers a comprehensive and highly adaptable arbitration framework for resolving domestic and international disputes. Firmly grounded in international best practice, the ISTAC Arbitration Rules secure efficiency, impartiality and confidentiality. The ISTAC Rules provide pragmatic, workable solutions across a broad spectrum of disputes and are recognised for their flexibility, expedited procedures and cost-efficiency. Introduction to the ISTAC In general ISTAC is an independent institution offering arbitration and mediation services to both international and domestic parties. Its services are open to all organisations and individuals, without any membership requirement, making it an accessible forum for resolving disputes. ISTAC is noted for modern and flexible rules aligned with international arbitration standards, presenting an efficient and confidential alternative to litigation. The ISTAC Arbitration Rules entered into force on 26 October 2015 and quickly positioned ISTAC as one of...

[ Enter name and address of employee ] Dear [ enter name ] Draft contract of employment I attach a draft contract of employment for your consideration [, prepared by your [ employer OR prospective employer ], [ enter name of employer or prospective employer ]]. [You will notice several items in square brackets where I need your instructions [and I have included a few additional clauses for you to review].] When you have had a chance to go through the draft, please contact me so I can make any further necessary amendments [, noting that, as this is your employer’s standard contract issued to all staff, it may not be possible to agree many of the changes you would like]. This form of contract is intended for an employee working a regular pattern, as you [ will ] do. However, if your hours or place of work are in fact less fixed than this, please tell me so I can check whether further flexibility ought to...