Collective bargaining is a process of negotiation between employers and employee representatives, such as labor unions. It allows both parties to come together to discuss work-related issues and agree on contracts that specify the nature of the employment relationship. Key aspects of collective bargaining include wages, working conditions, employment terms, occupational safety and health issues, and processes for resolving disputes. The goal is to establish fair standards and increase stability and prosperity for both employers and employees through open communication and a flexible problem-solving approach.