Department Savings Clause Samples

The Department Savings clause defines how any cost savings achieved by a specific department during the execution of a contract are to be handled. Typically, this clause outlines whether the department can retain, reinvest, or must return the savings to the organization or client, and may specify the process for documenting and verifying such savings. Its core practical function is to incentivize efficient use of resources while ensuring transparency and proper allocation of any financial benefits resulting from cost-saving measures.
Department Savings. If the Contract Amount, as defined in Article 6.1, is less than the GMP, the savings shall accrue to the Department, subject to any provisions in the Authorized Contingency (if any) for sharing cost savings between the Department and the Contractor.
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Related to Department Savings

  • Health Care Savings Plan As provided in this Agreement, eligible ASF Members will participate in the health care savings plan (HCSP) established under Minnesota Statute 352.98, and as administered by the Plan Administrator. The Employer is responsible only for transferring funds, as specified in this agreement, to the Plan Administrator. Subd. 1. All ASF Members who receive severance pay as defined in Section A of this article must participate in the health care savings plan. Subd. 2. All severance pay as defined in Section B of this article shall be transferred to the severed employee's health care savings plan account. At the time of separation, if an ASF Member has an approved exception to participation in the health care savings plan account from the plan administrator, then the ASF Member shall receive this payment in one lump sum payment of cash.

  • Department Review The parties shall resolve disputes through written submission of their dispute to the Department’s Contract Manager. The Department shall respond to the dispute in writing within ten (10) Business Days from the date that the Department’s Contract Manager receives the dispute. The Department’s decision shall be final unless a party provides the other party with written notice of the party’s disagreement with the decision within ten (10) Business Days from the date of the Department’s decision. If a party disagrees with the Department’s decision, the party may proceed to subsection (b) below.

  • Health Spending Account contributions by the Executive will cease on the Effective Date. The Executive may submit claims against the balance accrued to the Effective Date, until the end of the calendar year in which the Effective Date occurs.

  • Departmental Seniority Departmental seniority is defined as the length of employment within the employee’s current department. Department seniority shall accrue as of the first day of employment or transfer into a new department.

  • Health Spending Account (HSA Wellness Spending Account (WSA)/Registered Retirement Savings Plan (RRSP) utilization rates;