EFFECT OF CONTRACT ON EMPLOYEES Sample Clauses

The 'Effect of Contract on Employees' clause defines how the terms of the contract impact the rights, obligations, or status of employees associated with the parties involved. Typically, this clause clarifies whether the contract creates, alters, or terminates any employment relationships, or if it affects employee benefits, seniority, or continuity of service. For example, in a business sale, it may specify whether employees will be transferred to the new owner or remain with the seller. Its core function is to prevent misunderstandings and disputes by clearly stating how employees are treated under the contract, thereby protecting both employer and employee interests.
EFFECT OF CONTRACT ON EMPLOYEES. To minimize the effects of layoff, when a non-probationary career bargaining unit employee is notified of layoff because the University entered into a contract for services that the employee performed, the University will make available another bargaining unit position for which the employee is qualified. The position will be at the same campus/hospital/Laboratory from which the employee was laid of. Where the provisions in this article are inconsistent with the provisions of Article 16, ▇▇▇▇▇▇ and Reduction in Time, the provisions of this Article and Section shall control. 1. The available position shall be offered at the same duration, percent time, and appointment type held by the employee when displaced. 2. The available position shall be offered at the same base rate of pay earned by he employee when displaced. 3. The right to be offered a position pursuant to this section shall begin on the date an employee is notified of layoff (displacement). 4. The right of the displaced non-probationary career employee to be offered a position pursuant to his section shall terminate upon acceptance or refusal of the offered position at the same base rate of pay. 5. A displaced non-probationary career employee who refuses an offered position at the same base rate of pay shall be placed in layoff status.
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Related to EFFECT OF CONTRACT ON EMPLOYEES

  • No Effect on Employment Subject to any employment contract with the Employee, the terms of such employment will be determined from time to time by the Company, or the Subsidiary employing the Employee, as the case may be, and the Company, or the Subsidiary employing the Employee, as the case may be, will have the right, which is hereby expressly reserved, to terminate or change the terms of the employment of the Employee at any time for any reason whatsoever, with or without good cause. The transactions contemplated hereunder and the vesting schedule set forth on the first page of this Agreement do not constitute an express or implied promise of continued employment for any period of time. A leave of absence or an interruption in service (including an interruption during military service) authorized or acknowledged by the Company or the Subsidiary employing the Employee, as the case may be, shall not be deemed a Termination of Service for the purposes of this Agreement.

  • Effect on Employment Neither the grant of the Stock Option, nor the issuance of Shares upon exercise of the Stock Option, will give the Optionee any right to be retained in the employ or service of the Company or any of its Affiliates, affect the right of the Company or any of its Affiliates to discharge or discipline such Optionee at any time, or affect any right of such Optionee to terminate his or her Employment at any time.

  • Certain Employees (a) Each of the following is included in the list of agreements set forth in the Disclosure Schedule: all collective bargaining agreements, employment and consulting agreements, bonus plans, deferred compensation plans, employee pension plans or retirement plans, employee profit-sharing plans, employee stock purchase and stock option plans, hospitalization insurance, and other plans and arrangements providing for employee benefits of employees of the Seller. (b) The Disclosures Schedule contains a true, complete and accurate list of the following: the names, positions, and compensation of the present employees of the Seller, together with a statement of the annual salary payable to salaried employees and a summary of the bonuses and description of agreements for additional compensation and other like benefits, if any, paid or payable to such persons for the period set forth in the Disclosure Schedule. Except as listed in the Disclosure Schedule, to the best of Seller's knowledge, all employees of Seller are employees-at-will. (c) Seller has no retired employees who are receiving or are entitled to receive any payments, health or other benefits from Seller.

  • No Effect on Employee Benefit Plans or Programs The termination of the Executive's employment during the term of this Agreement or thereafter, whether by the Company or by the Executive, shall have no effect on the rights and obligations of the parties hereto under the Company's qualified or non-qualified retirement, pension, savings, thrift, profit-sharing or stock bonus plans, group life, health (including hospitalization, medical and major medical), dental, accident and long term disability insurance plans or such other employee benefit plans or programs, or compensation plans or programs, as may be maintained by, or cover employees of, the Company from time to time.

  • Compensation; Employment Agreements; Etc Enter into or amend or renew any employment, consulting, severance or similar agreements or arrangements with any director, officer or employee of Metropolitan or its Subsidiaries, or grant any salary or wage increase or increase any employee benefit (including incentive or bonus payments), except (i) for normal individual increases in compensation to employees in the ordinary course of business consistent with past practice, (ii) for other changes that are required by applicable law, and (iii) to satisfy Previously Disclosed contractual obligations existing as of the date hereof.