Common use of Method of purchase Clause in Contracts

Method of purchase. Flexible lifestyle leave is purchased in advance at an amount equal to the salary for the additional leave. Payments are deducted from the employee’s gross fortnightly salary over a 12 month period, or shorter period approved by the CEO. General conditions (a) A flexible lifestyle leave arrangement must not result in an employee having a total leave balance greater than the excess leave limits in clause 85.7 (Excess Leave) after the period of the arrangement. (b) If an employee does not use their purchased leave within the agreed period, it will lapse and the employee will be reimbursed monies paid. (c) Flexible lifestyle leave may be taken in periods of two or more days. (d) A flexible lifestyle leave arrangement must be in writing and is non-renewable. On the expiry of an existing arrangement, the employee may lodge a new application for approval by the CEO. (e) Flexible lifestyle leave is available for use three months from the commencement date of the arrangement.