Payment in Lieu of Notice Period Sample Clauses

The 'Payment in Lieu of Notice Period' clause allows an employer or employee to end the employment relationship immediately by providing a monetary payment instead of requiring the other party to serve out the full notice period. In practice, this means that if an employment contract requires, for example, two weeks' notice before termination, either party can opt to pay the equivalent of two weeks' salary to effect an immediate departure. This clause provides flexibility for both parties, enabling swift transitions and avoiding the need for continued work during the notice period, which can be beneficial in sensitive or urgent situations.
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Payment in Lieu of Notice Period. Upon the termination of this Agreement: (A) pursuant to the expiration of the Term based on a non-renewal notice given by either party in accordance with paragraph 3(b); or (B) by the Executive pursuant to paragraph 5(b)(i) or 5(b)(ii), the Company may, at its sole election, pay the Executive an amount equal to Executive’s then-current Base Salary for all or any portion of the applicable notice period required by paragraph 3(b) or paragraph 5(b)(i) or 5(b)(ii) in lieu of all or any portion of such notice period; provided, however, any such election by the Company shall not be deemed to be a termination by the Company that invokes the obligations set forth in Section 5(d)(ii) of this Agreement. Notwithstanding the above, if the Executive requests that Executive’s final day of employment occur prior to the expiration of any applicable notice period and the Company consents, pay in lieu of notice shall not be required.
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Payment in Lieu of Notice Period. Upon termination of this Agreement: (A) pursuant to the expiration of the Term based on a non-renewal notice given by either Party in accordance with paragraph 5; or (B) by the Executive pursuant to paragraph 7(e), the Company may, at its sole election, pay the Executive an amount equal to Executive’s then-current Base Compensation for all or any portion of the applicable notice period required by paragraph 5 or paragraph 7(e) in lieu of all or any portion of such notice period. Notwithstanding the above, if the Executive requests that Executive’s final day of engagement occur prior to the expiration of any applicable notice period and the Company consents, pay in lieu of notice shall not be required.
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Payment in Lieu of Notice Period. In the event that either You or the Company provide notice in accordance with clause 8.1 above, the Company may elect to: (a) pay You in lieu of Your notice period; or (b) require You to work for part of Your notice period and pay You in lieu of the balance of the period.
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Payment in Lieu of Notice Period. (a) Notice shall be given as per the above schedule or compensation paid in lieu. The amount of payment instead of notice must be at least the amount the Employee would have been paid if the employment had continued to the end of the required period of notice, calculated on the basis of: i. The Employee's Rostered Hours of work; and ii. The amounts payable to the Employee in respect of those hours, including (for example) allowances and penalties; and iii. Any other amount payable under this Agreement. (b) This sub-clause shall not affect the right of the Company to dismiss an Employee summarily, without notice, for serious misconduct. Serious misconduct will be in accordance with Fair Work Regulations 2009 (Cth).
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Payment in Lieu of Notice Period. The Company may decide, in its sole discretion, to pay an Employee in lieu of all or part of the notice period. Employees will be paid the wages the Employee would have received in respect of ordinary time they would have worked during the period of notice had their employment not been terminated.
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Payment in Lieu of Notice Period. Upon the termination of this Agreement by the Executive pursuant to Subsection 2(a), the Company may, at its sole election, pay the Executive an amount equal to Executive’s then-current Base Salary for all or any portion of the applicable notice period required by Subsection 2(a) in lieu of all or any portion of such notice period within thirty (30) days following Executive’s Separation from Service.
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Payment in Lieu of Notice Period. The amount of payment instead of notice must be the amount the Employee would have been paid if the employment had continued to the end of the required period of notice, calculated on the basis of: (i) the Employee’s Rostered Hours of work; and (ii) the amounts payable to the Employee in respect of those hours, including (for example) allowances and penalties; and (iii) any other amount payable under the Employee’s contract of employment.
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Payment in Lieu of Notice Period. 502. An excess Employee will be given four weeks’ payment in lieu of notice (or five weeks’ notice for an Employee over 45 years of age with at least five years of continuous service) where the Agency has made the decision that the Employee will be involuntarily terminated. Where an Employee’s employment is terminated either before or within the notice period for a reason other than serious misconduct, the Employee will receive payment in lieu of notice for the unexpired period of the notice period.
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Payment in Lieu of Notice Period. The Employer may: (a) pay the Employee in lieu of the Employee’s notice period; or (b) require the Employee to work for part of the Employee’s notice period and pay the Employee in lieu for the balance of the period.
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Related to Payment in Lieu of Notice Period

  • Payment in lieu of notice 13.1 Notwithstanding clause 2.1, the Company may, in its sole and absolute discretion, terminate the Appointment at any time and with immediate effect by notifying the Employee that the Company is exercising its right under this clause 13 and that it will make within 28 days a payment in lieu of notice (Payment in Lieu), or the first instalment of any Payment in Lieu, to the Employee. This Payment in Lieu will be equal to the basic salary (as at the date of termination) which the Employee would have been entitled to receive under this agreement during the notice period referred to in clause 2.1 (or, if notice has already been given, during the remainder of the notice period) less income tax and National Insurance contributions. For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to: a) any bonus or commission payments that might otherwise have been due during the period for which the Payment in Lieu is made; b) any payment in respect of benefits which the Employee would have been entitled to receive during the period for which the Payment in Lieu is made; and c) any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu is made. 13.2 The Company may pay any sums due under clause 13.1 in equal monthly instalments until the date on which the notice period referred to in clause 2.1 would have expired if notice had been given. The Employee shall be obliged to seek alternative income during this period and to notify the Company of any income so received. The instalment payments shall then be reduced by the amount of such income. 13.3 The Employee shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in clause 13.1. Nothing in this clause 13 shall prevent the Company from terminating the Appointment for breach. 13.4 Notwithstanding clause 13.1 the Employee shall not be entitled to any Payment in Lieu if the Company would otherwise have been entitled to terminate the Appointment without notice in accordance with clause 14. In that case the Company shall also be entitled to recover from the Employee any Payment in Lieu (or instalments thereof) already made.

  • Period of Notice Less than 1 year 1 week 1 year and less than 3 years 2 weeks 3 years and less than 5 years 3 weeks 5 years and over 4 weeks

  • Date of Notice Any notice sent by registered or certified mail, return receipt requested, shall be deemed given on the date of delivery shown on the receipt card, or if no delivery date is shown, the postmark thereon. If sent by regular mail the notice shall be deemed given forty-eight (48) hours after the same is addressed as required herein and mailed with postage prepaid. Notices delivered by United States Express Mail or overnight courier that guarantee next day delivery shall be deemed given twenty-four (24) hours after delivery of the same to the Postal Service or courier. Notices transmitted by facsimile transmission or similar means shall be deemed delivered upon telephone confirmation of receipt, provided a copy is also delivered via delivery or mail. If notice is received on a Saturday, Sunday or legal holiday, it shall be deemed received on the next business day.

  • Payment in Lieu of Benefits a) All employees not transferred to the Trust who received pay in lieu of benefits under a collective agreement in effect as of August 31, 2014, shall continue to receive the same benefit.

  • Notice, Etc If any party (the "Indemnified Party") receives notice of any third-party claim or commencement of any third-party action or proceeding (an "Asserted Liability") with respect to which any other party (an "Indemnifying Party") is obligated to provide indemnification pursuant to Section 10.2(a) (Indemnification of Superholdings ) or Section 10.2(b) (Indemnification of the Members), the Indemnified Party shall promptly give all Indemnifying Parties notice thereof. The Indemnified Party's failure so to notify an Indemnifying Party shall not cause the Indemnified Party to lose its right to indemnification under this Article 10, except to the extent that such failure materially prejudices the Indemnifying Party's ability to defend against an Asserted Liability that such Indemnifying Party has the right to defend against hereunder (and except as otherwise set forth in this Article 10). Such notice shall describe the Asserted Liability in reasonable detail, and if practicable shall indicate the amount (which may be estimated) of the Losses that have been or may be asserted by the Indemnified Party. Each of the Indemnifying Parties may defend against an Asserted Liability on behalf of the Indemnified Party utilizing counsel reasonably acceptable to the Indemnified Party, unless (i) the Indemnified Party reasonably objects to the assumption of such defense on the grounds that counsel for such Indemnifying Party cannot represent both the Indemnified Party and such Indemnifying Party because such representation would be reasonably likely to result in a conflict of interest or because there may be defenses available to the Indemnified Party that are not available to such Indemnifying Party, (ii) such Indemnifying Party is not capable (by reason of insufficient financial capacity, bankruptcy, receivership, liquidation, managerial deadlock, managerial neglect or similar events) of maintaining a reasonable defense of such action or proceeding, or (iii) the action or proceeding seeks injunctive or other equitable relief against the Indemnified Party.