Payout Of Clause Samples

The "Payout Of" clause defines the specific conditions and mechanisms under which payments are to be made from one party to another under the agreement. Typically, this clause outlines the triggers for payment, such as the completion of certain milestones, delivery of goods or services, or the occurrence of specified events. For example, it may state that payment is due upon receipt of an invoice or after successful project completion. The core function of this clause is to ensure both parties have a clear understanding of when and how payments will be executed, thereby reducing the risk of disputes and ensuring timely financial transactions.
Payout Of. An employee entitled to sick leave under this Article shall receive forty percent (40%) of his unused accumulated sick leave upon: (a) Retirement on or after the attainment of the minimum retirement age in conformity with the Municipal Superannuation Act of B.C., whichever shall last occur, or (b) Retirement with a permanent disability entitling the employee to superannuation, or (c) Death of an employee while in the service of the Board, payable to the employee's estate, or (d) Severance, with five (5) or more years of seniority, as a payout of accumulated sick leave credits. This clause does not apply to employees dismissed for just cause.
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Payout Of. An employee entitled to sick leave under this Article shall receive forty percent (40%) of his unused accumulated sick leave upon: Retirement on or after the attainment of the minimum retirement age in conformity with the Municipal Superannuation Act of whichever shall last occur, or Retirement with a permanent disability entitling the employee to superannuation, or Death of an employee while in the service of the Board, payable to the employee's estate, or Severance, with five (5) or more years of seniority, as a payout of accumulated sick leave credits. This clause does not apply to employees dismissed for just cause. A record of all accumulated sick leave credits will appear on the employee's pay slip. Upon request, a printed copy of the accumulated sick leave credits will be provided to the Union.
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Related to Payout Of

  • Performance Award You are hereby awarded, on the Grant Date, a Performance Award with a target value of [AMOUNT].

  • Program Goals CalHFA MAC envisions that these monies would be used to complement other federal or lender programs designed specifically to stabilize communities by providing assistance to homeowners who have suffered a financial hardship and as a result are no longer financially able to afford their first-lien mortgage loan payments or their Property Expenses when associated with a Federal Housing Administration (“FHA”) Home Equity Conversion Mortgages (“HECM”) loan, only.

  • Annual Performance Bonus During the Employment Term, the Executive shall be entitled to participate in the STIP, with such opportunities as may be determined by the Chief Executive Officer in his sole discretion (“Target Bonuses”), and as may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time, and the Executive shall be entitled to receive full payment of any award under the STIP, determined pursuant to the STIP (a “Bonus Award”).

  • Performance and Salary Review Company will periodically review Executive’s performance on no less than an annual basis. Adjustments to salary or other compensation, if any, will be made by Company in its sole and absolute discretion.

  • Performance Pay In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2020-2021, contingent upon the availability of funds and at the Agency Head’s discretion, each agency is authorized to grant merit pay increases based on the employee’s exemplary performance, as evidenced by a performance evaluation conducted pursuant to Rule 60L-35, Florida Administrative Code.