In theory, this clause allows an employer and an employee to agree on an IFA that varies the effect of the Modern Award or the Company Agreement, allowing it to meet “the real needs of the employer and that individual worker” in an individual context. An IFA concluded under a company agreement can only modify the terms of the company agreement defined in the flexibility clause of the company agreement. Issues relating to the flexibility period must be decided by the parties at the close of the company agreement. For example, the flexibility period of a company agreement could stipulate that all the terms of the agreement can be changed, or it could say that only certain terms of the agreement can be changed by an IFA. Full Bench found that an individual flexibility agreement concluded under a flexibility regime in a company agreement does not change the terms of the agreement, but the agreement modifies the legal rights of the parties on the relevant points. In other words, an individual flexibility agreement changes the effect of a duration of the company agreement and not the duration itself. . . .