Word: contraction
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Dates: during 1970-1979
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...absorb at least the immediate impact of the cutback. As is the case with nearly all U.S. military exports, the Defense Department protects manufacturers by routinely requiring buyers to deposit enough money in a Government-administered trust account to cover a company's start-up costs under a contract. The money, which in the case of Iran totals $500 million, is held in escrow until work is completed and all the equipment has been delivered and paid for. At the same time, the contracts themselves also normally require buyers to make regular progress payments as work continues...
Goodwin said that under a "fuel clause" in Harvard's contract with Cambridge Steam, the utility company can pass rises in fuel costs on to the consumer. He said that fuel makes up about 70 per cent of Harvard's steam bill, and thus the rise in heavy oil prices "significantly" affects the cost of steam as well...
After three years of living with severe pay restraints, British workers are inclined to play follow-the-leader-meaning that the drivers' 21% increase will become the magic figure in future contract negotiations involving other unions. Practically speaking, the drivers' victory was a death blow to Prime Minister James Callaghan's attempt to enforce a 5% ceiling on wage increases this year. Callaghan met with heads of the powerful Trades Union Congress in an effort to patch together a new labor accord, but without any conclusive results. He also summoned leaders of four public service unions...
...countries. His latest coup is an agreement to serve as exclusive consultant to China's embryonic fashion industry. The Parisian may have his haute couture models reproduced in China, where the workmanship is exquisite and cheap, creating a new export trade for the Middle Kingdom. If the contract works out, 10% of Cardin-Cathay will be reserved for sale inside China, which is probably wise, considering the fact that in France even a readymade Cardin frock sells for at least $200, as much as the average Chinese worker's income for about seven months...
...Afro-American Studies department nominated Isaac for tenure in 1971. Isaac said at the time that the ad hoc committee that reviewed his application did not know anything about his field of specialization, pan-Africanism. Isaac left Harvard in 1977 when his contract as associate professor expired...