your union cannot simply rescind an agreement unless the verbiage in the agreement specifically allows it. Since it was quite likely a give and take situation, both sides are affected by the change and as such, such agreements often are not allowed to be rescinded unilaterally.
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Do we have any legal recourse? Thanks.
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Possibly.
research your bylaws in order to determine if the president could legally enter, on your behalf, an agreement such as this without the body's approval. If he couldn't, then you arguably have the right to demand the rescission of the agreement due to the presidents lack of ability to enter into such an agreement.
whoops, I see you state he did not have the right to enter into such an agreement.
You can do one of a couple things:
1. contact an attorney to deal with this
2. contact a higher level of the union (district, regional, national office) and speak with the rep for your area. Seek direction from them.