Unlike a Modern Award or the National Employment Standards (NES), a company agreement gives employers and workers the freedom to negotiate better wages, more flexibility and working conditions tailored to their individual needs. The Fair Work Act 2009 sets out strict rules and guidelines that all parties must follow to ensure that the process is fair. These include negotiation directives, binding conditions and requirements necessary to comply with the Authorization Standards of the Fair Work Commission (FWC). An individual flexibility agreement (IFA) is part of the Fair Work Act, and more specifically an agreement between a single employer and a single employee. This agreement modifies some of the terms of a bonus or agreement and must leave the individual employee “Better Off Overall” if signed. If a job has a registered agreement, the bonus does not apply.