DROP Payment Clause Samples

The DROP Payment clause defines the conditions under which a specific payment, known as a "DROP payment," is made or withheld in a contractual relationship. Typically, this clause applies in scenarios where a party fails to meet certain obligations, such as delivery milestones or performance targets, resulting in the forfeiture or reduction of a scheduled payment. For example, if a supplier does not deliver goods by an agreed deadline, the DROP Payment clause may allow the buyer to withhold a portion of the payment. The core function of this clause is to incentivize compliance with key contract terms and to allocate financial risk in the event of non-performance.
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DROP Payment. Upon termination of employment, the retiree shall receive the monthly retirement benefit previously credited to his/her DROP account. Failure to terminate employment at the expiration of the DROP Participation Period shall result in forfeiture of the employee’s monthly pension benefit otherwise payable to the DROP account until termination of employment. Interest on the DROP account will continue to accrue during such a forfeiture, except as provided in Subsection ▇.
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DROP Payment. Overview The LCWSA will offer a drop payment program to employees who decline coverage under the LCWSA’s health insurance plan provided by this Article. Employees who withdraw from and/or waive LCWSA coverage and who provide proof of health insurance coverage from another source, shall be eligible for the drop payment program based on the type of coverage, Family (defined for purposes of this section as coverage other than single) or Single, for which they would be eligible under the LCWSA’s health insurance plan. Procedure to Participate in Drop Payment Program Any employee eligible for LCWSA health insurance coverage who wishes to decline coverage and participate in the drop payment program must sign and submit to the LCWSA Office of the Executive Director an affidavit indicating that the employee has health insurance coverage through a spouse’s/domestic partner’s employment, other employment of the employee, or a private plan. As set forth below, the timing of the submission of such affidavit may affect the amount of the drop payment by way of pro-ration. Drop Payment Amounts and Dates of Payment The Single coverage drop payment shall be in the amount of nine hundred dollars ($900) annually, and the Family coverage drop payment shall be in the amount of one thousand one hundred fifty dollars ($1,150) annually.
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Related to DROP Payment

  • Stop Payment Any instruction to stop payment of an Instrument drawn on the Account must be in writing and signed by one or more Authorized Signatories and/or Authorized Users, in accordance with the signing authority on the Account. On receiving a stop payment instruction of an Instrument drawn on the Account, the Financial Institution will: a) use reasonable diligence to comply with the stop payment, but b) not be liable to the Depositor or any other person by reason of complying with, or failing to comply with, the stop payment, whether the Financial Institution is negligent, wilfully negligent, or otherwise.

  • Stop Payments The Fund hereby authorizes the Transfer Agent to stop payment of checks issued in payment of dividends, but not presented for payment, when the payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or, through no fault of theirs, are otherwise beyond their control and cannot be produced by them for presentation and collection, and the Transfer Agent shall issue and deliver duplicate checks in replacement thereof, and the Fund shall indemnify Transfer Agent against any loss or damage resulting from reissuance of the checks.

  • Payment Amount Payment for the Services shall be as follows: (choose one) ☐ - $______________________ for the Services (“Payment”). ☐ - At an hourly rate of $____ per hour (“Payment”). ☐ - Other. ______________________________________________ (“Payment”) If the Subcontractor asserts a claim which involves, in whole or in part, acts or omissions which are the responsibility of the Client or another person for whom a claim may be submitted, including but not limited to, claims for failure to pay, an extension of time, impacts, delay damages, or extra work, the Contractor shall present the Subcontractor's claim to the Client or other responsible party provided the Subcontractor presents to Contractor competent supporting evidence and in sufficient time for the Contractor to do so. The Subcontractor shall cooperate fully with the Contractor in any and all steps the Contractor takes in connection with prosecuting such a claim and shall hold harmless and reimburse the Contractor for all expenses, including legal expenses, incurred by the Contractor which arise out of the Contractor's submission of the Subcontractor's claims to the Client or other responsible party(ies). The Subcontractor shall be bound by any adjudication or award in any action or proceeding resolving such a claim.

  • Up-Front Payment At all times during the Effective Period other than those periods for which payment of all Billed Amounts is By Invoice, Customer shall maintain on file with 8x8 or the billing 8x8 Affiliate (as applicable) complete, accurate, and up-to-date information for at least one valid, working credit card or Customer account (sufficient to permit ACH withdrawals). Payment of all Billed Amounts – other than those for which 8x8 has agreed to payment By Invoice – shall be by charge to such credit card(s) or by ACH withdrawal from such account(s), at or near time of billing, and Customer hereby authorizes 8x8 to make such charges or withdrawals. Where payment is by such charge or withdrawal, (a) 8x8 shall post a statement of the Billed Amounts in the relevant account at or near the time of the first attempted charge or withdrawal and shall thereafter make commercially reasonable efforts to notify Customer by email and/or telephone if the charge or withdrawal is not successful and (b) Billed Amounts shall be due within fourteen (14) days of such posting.

  • Interim payment At the end of each of the periods indicated in Annex I the Contractor shall submit to the Agency a formal request for payment accompanied by those of the following documents which are provided for in the Special Conditions: ➢ an interim technical report in accordance with the instructions laid down in ▇▇▇▇▇ ▇; ➢ the relevant invoices indicating the reference number of the Contract and of the order or specific contract to which they refer;