Elapsed Time Method Sample Clauses
The Elapsed Time Method clause defines how progress or performance is measured based on the passage of time rather than on specific milestones or deliverables. Under this method, obligations such as payments, progress evaluations, or completion percentages are tied to the amount of time that has elapsed since the start of the contract or project. For example, a contractor may be paid monthly based on the proportion of the contract period that has passed, regardless of the actual work completed. This clause is primarily used to provide a straightforward and predictable way to track progress and allocate payments, especially in projects where work output is difficult to quantify but time spent is easily measured.
POPULAR SAMPLE Copied 28 times
Elapsed Time Method. In lieu of tracking Hours of Service of Employees, will the elapsed time method described in Section 2.07 of the Plan be used? (Choose one) Option 1: [ ] No.
Elapsed Time Method. See Section 1.40(D)(3). OR
Elapsed Time Method. (1) For purposes of this section, Hour of Service shall mean each hour for which an Employee is paid or entitled to payment for the performance of duties for the Employer.
(2) Break In Service is a period of severance of at least 12 consecutive months.
(3) Period of severance is a continuous period of time during which the Employee is not employed by the Employer. Such period begins on the date the Employee retires, quits or is discharged, or if earlier, the 12 month anniversary of the date on which the Employee was otherwise first absent from service.
(4) In the case of an individual who is absent from work for maternity or paternity reasons, the 12-consecutive month period beginning on the first anniversary of the first date of such absence shall not constitute a Break In Service. For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence (i) by reason of the pregnancy of the individual, (ii) by reason of the birth of a child of the individual, (iii) by reason of the placement of a child with the individual in connection with the adoption of such child by such individual, or (iv) for purposes of caring for such child for a period beginning immediately following such birth or placement.
(5) Each Employee will share in Employer contributions for the period beginning on the date the Employee commences participation under the plan and ending on the date on which such Employee ▇▇▇▇▇▇ employment with the Employer or is no longer a member of an eligible class of Employees.
(6) If the Employer is a member of an affiliated service group (under section 414(m)), a controlled group of corporations (under section 414(b)), a group of trades or businesses under common control (under section 414(c)) or any other entity required to be aggregated with the Employer pursuant to section 414(o), service will be credited for any employment for any period of time for any other member of such group. Service will also be credited for any individual required under section 414(n) or section (414)(o) to be considered an Employee of any Employer aggregated under section 414(b), (c), or (m).
Elapsed Time Method. In lieu of crediting Hours of Service, the Elapsed Time Method applies for purposes of crediting Service for: (Choose one or more of (1), (2) or (3) as applicable) o (1) Eligibility under Article II. o (2) Vesting under Article V. o (3) Contribution allocations under Article III.
Elapsed Time Method. Instead of determining vesting service based on actual Hours of Service, vesting service will be determined under the Elapsed Time Method. If this subsection is checked, service will be measured from the Employee’s employment commencement date (or reemployment commencement date, if applicable) without regard to the Vesting Computation Period designated in Section 7.04 of the Plan.
Elapsed Time Method. (See Section 2.6(d) of the BPD.)
Elapsed Time Method. Vesting service will be determined under the Elapsed Time Method. (See Section 7.03(b) of the Plan.)
Elapsed Time Method. OWNER-EMPLOYEES OR SHAREHOLDER-EMPLOYEES.
Elapsed Time Method. Under the Elapsed Time Method, an Employee receives credit for Service for the aggregate of all time periods (regardless of the Employee’s actual Hours of Service) commencing with the Employee’s Employment Commencement Date, or with his/her Re-Employment Commencement Date, and ending on the date a Break in Service begins. See Section 2.02(C)(4) . In applying the Elapsed Time Method, the Plan Administrator will credit an Employee’s Service for any Period of Severance of less than 12-consecutive months and will express fractional periods of Service in days.
Elapsed Time Method. The Employee shall be eligible to participate in the Plan on his first day of employment or reemployment in accordance with the rules of Section 1.55(B) of the Plan.