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Advisory, Conciliation and Arbitration Service (J5)<br />The central UK body, set up in 1974 under the TRADE UNION AND LABOUR RELATIONS ACT, to promote an improvement in industrial relations, to encourage an extension of collective bargaining and its reform through advice, conciliation, enquiries and arbitration, and to run the CENTRAL ARBITRATION COMMITTEE. An important aspect of its activities has been the publication of codes of practice in industrial relations.
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<strong>Reauthorization</strong> – The legislative process, generally carried out every five years for the Higher Education Act, whereby Congress reviews and either renews, terminates, or amends existing programs.
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incentive contract (H5)<br />A type of contract often made between governmental bodies and private firms which consists of a fixed part (which is a function of the expected cost) and another part (which is proportional to the difference between the expected cost and the actual ex post cost). A private contractor has the greatest incentive to keep costs down if he or she expects to lose most of the difference between the ex ante and ex post costs.<br /><em>See also:</em> ex ante, ex post
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