Maximum Additions Clause Samples

The "Maximum Additions" clause sets a cap on the total number or value of additions—such as extra work, change orders, or modifications—that can be made to a contract. In practice, this means that any changes or additions requested during the course of the project cannot exceed a specified limit, whether measured in monetary terms or as a percentage of the original contract value. This clause helps prevent uncontrolled scope creep and ensures that both parties have a clear understanding of the maximum extent to which the contract can be altered, thereby managing risk and maintaining budgetary discipline.
Maximum Additions. Notwithstanding anything to the contrary contained in the Plan, the sum of: (1) the total Additions made to the Account of a Participant under this Plan for any Fiscal Year; and (2) the “annual additions” (as defined in Section 415 of the Code) made to the account of a Participant under any other qualified defined contribution plan maintained by the Company or any Affiliated Company, shall not exceed the Maximum Permissible Amount.
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Maximum Additions. (1) Notwithstanding any other provision of the Plan, except to the extent permitted under Section 3.11 and section 414(v) of the Code, the maximum annual additions (as defined in Subsection (2) of this Section) to a Member’s account for any limitation year (which shall be the Plan Year) shall in no event exceed the lesser of (a) $40,000 (as adjusted pursuant to section 415(d) of the Code) or (b) 100% of his compensation for such Plan Year. (2) For the purpose of this Section, the term “annual additions” means the sum for any limitation year of:
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Maximum Additions. Notwithstanding anything contained herein to the contrary, the total Additions made to the Employer and Employee Contribution Accounts of a Participant for any Year shall not exceed the "Maximum Permissible Amount," reduced by the sum of any Additions allocated to the Participant's accounts for the same Year under any other defined contribution plan or welfare benefit fund (as defined in Code Section 419(e)) maintained by the employer. The Maximum Permissible Amount shall be equal to the lesser of $ 40,000 or 100% of the Participant's Compensation for such Year, or such amount as provided in '415 of the Code.
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Maximum Additions. (a) The Annual Additions made to the accounts of a Participant for any Plan Year shall not exceed the lesser of: (i) $40,000, as adjusted for increases in the cost-of-living under Section 415(d) of the Code (for 2009, the adjusted amount is $49,000); or (ii) 100% of the Participant's annual compensation, within the meaning of Code Section 415(c)(3), for the Plan Year. The annual compensation limit referred to in item (ii) above shall not apply to any contribution for medical benefits after separation from service (within the meaning of Code Section 401(h) or Section 419A(f)(2)) which is otherwise treated as an annual addition. (b) For purposes of this Section 4.4, "compensation" means compensation as defined in Code Section 415(c)(3). Compensation shall include elective deferrals under Code Sections 402(g), 125 and 457, and elective amounts that are not includible in the Participant's gross income by reason of Code Section 132(f)(4). Effective for Plan Years beginning on or after July 1, 2007, "compensation" shall be adjusted for regular pay paid after severance from employment if such amount is paid by the later of within 2 1/2 months after a severance from employment (within the meaning of Code Section 401(k)(2)(B)(i)(I)) or by the end of the limitation year that includes the date of such severance from employment and if:
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Maximum Additions. (1) Notwithstanding any other provision of the Plan, except to the extent permitted under Section 3.11 and section 414(v) of the Code, the maximum annual additions (as defined in Subsection (2) of this Section) to a Member’s account for any limitation year (which shall be the Plan Year) shall in no event exceed the lesser of (a) $40,000 (as adjusted pursuant to section 415(d) of the Code) or (b) 100% of his compensation for such Plan Year. (2) For the purpose of this Section, the term “annual additions” means the sum for any limitation year of: (a) all contributions (including, without limitation, Before‑Tax Contributions made pursuant to Section 3.1) made by the Controlled Group that are allocated to the Member’s account pursuant to a defined contribution plan maintained by a Controlled Group Member, (b) all employee contributions made by the Member to a defined contribution plan maintained by a Controlled Group Member, (c) all forfeitures allocated to the Member’s account pursuant to a defined contribution plan maintained by a Controlled Group Member, and (d) any amount attributable to medical benefits allocated to the Member’s account established under section 419A(d)(1) of the Code if the Member is or was a key‑employee (as such term is defined in section 416(i) of the Code) during such limitation year or any preceding limitation year. (3) For purposes of Section 4.11, the term “compensation” shall include those items of remuneration specified in Treasury Regulation Section 1.415(c)-2(b) (including “deemed section 125 compensation” as defined in Treasury Regulation Section 1.415(c)-2(g)(6)(ii), and amounts described in Treasury Regulation Section 1.415(c)-2(g)(5) that are paid to any nonresident alien who is a Member) and shall exclude those items of remuneration specified in Treasury Regulation Section 1.415(c)-2(c), taking into account the timing rules specified in Treasury Regulation Section 1.415(c)-2(e), but shall not include any amount in excess of the limitation under section 401(a)(17) of the Code in effect for the year. Effective as of January 1, 2008, the term “compensation” as defined in the preceding sentence shall include any payments made to a Member by the later of (a) two and one-half (2-1/2) months after the date of the Member’s severance from employment with the Controlled Group or (b) the end of the limitation year that includes the date of the Member’s severance from employment with the Controlled Group, provided that, absent a seve...
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Maximum Additions. (a) The Annual Additions made to the accounts of a Participant for any Plan Year shall not exceed the lesser of: (i) $42,000, as adjusted for increases in the cost-of-living under Code Section 415(d); or (ii) 100% of the Participant's annual compensation, within the meaning of Code Section 415(c)(3), for the Plan Year. The annual compensation limit referred to in item (ii) above shall not apply to any contribution for medical benefits after separation from service (within the meaning of Code Section 401(h) or Section 419A(f)(2)) which is otherwise treated as an annual addition. (b) For purposes of this Section 4.4, "compensation" means compensation as defined in Code Section 415(c)(3). Compensation shall include elective deferrals under Code Sections 402(g), 125 and 457, and elective amounts that are not includible in the Participant's gross income by reason of Code Section 132(f)(4).
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Related to Maximum Additions

  • Maximum Advances In the case of any type of Advance requested to be made, after giving effect thereto, the aggregate amount of such type of Advance shall not exceed the maximum amount of such type of Advance permitted under this Agreement. Each request for an Advance by any Borrower hereunder shall constitute a representation and warranty by each Borrower as of the date of such Advance that the conditions contained in this subsection shall have been satisfied.

  • CHANGES AND ADDITIONS Modifications, supplements, and annexes to this Agreement constitute an essential part of it and are legally binding when they are documented in writing and endorsed by the duly authorized representatives of the Parties.

  • Minimum Amounts and Maximum Number of Eurodollar Tranches Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions, continuations and optional prepayments of Eurodollar Loans hereunder and all selections of Interest Periods hereunder shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than ten Eurodollar Tranches shall be outstanding at any one time.

  • Maximum Amount In consideration of the services to be performed by Contractor, the State agrees to pay Contractor, in accordance with the payment provisions specified in Attachment B, a sum not to exceed $250,000.00.

  • Maximum or Minimum Interest Rate If specified on the face hereof, this Note may have either or both of a Maximum Interest Rate or a Minimum Interest Rate. If a Maximum Interest Rate is so designated, the interest rate for a Floating Rate Note cannot ever exceed such Maximum Interest Rate and in the event that the interest rate on any Interest Reset Date would exceed such Maximum Interest Rate (as if no Maximum Interest Rate were in effect) then the interest rate on such Interest Reset Date shall be the Maximum Interest Rate. If a Minimum Interest Rate is so designated, the interest rate for a Floating Rate Note cannot ever be less than such Minimum Interest Rate and in the event that the interest rate on any Interest Reset Date would be less than such Minimum Interest Rate (as if no Minimum Interest Rate were in effect) then the interest rate on such Interest Reset Date shall be the Minimum Interest Rate. Notwithstanding anything to the contrary contained herein, the interest rate on a Floating Rate Note shall not exceed the maximum interest rate permitted by applicable law.