The term "collective bargaining" is best described as:

The term "collective bargaining" refers to the negotiation process between employers and employees, specifically the representatives of a labor union and the management of a company. This process is fundamental in establishing the terms and conditions of employment, such as wages, working hours, benefits, and workplace safety. Through collective bargaining, both parties aim to reach an agreement that satisfies the needs and rights of the employees while also considering the business objectives of the employer.

The definition captures the essence of the collaborative and sometimes contentious discussions that take place, where various interests must be reconciled to ensure a balanced and fair work environment. Successful collective bargaining can lead to formal contracts known as collective agreements, which provide stability and predictability in the workplace.