Payout on Termination Clause Samples

The "Payout on Termination" clause defines the financial obligations that arise when a contract is ended before its natural expiration. Typically, this clause outlines how much one party must pay the other upon termination, which may include accrued fees, outstanding balances, or specific termination payments. Its core function is to ensure both parties understand the financial consequences of ending the agreement early, thereby reducing disputes and providing certainty regarding final payments.
Payout on Termination. When an employee terminates for any reason and the employee has earned, but not used vacation leave, the employee or the estate of the deceased employee shall be paid any outstanding vacation amount earned to the date of termination, at the daily rate of pay applicable to the employee immediately prior to the termination of employment.
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Payout on Termination. An employee upon termination, except in the case of summary dismissal, shall be paid all their accrued unused sick leave. Payment of accrued unused sick leave will be calculated at 69.6% of the employee’s aggregate wage at the time of termination.
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Payout on Termination. The MCWD shall, upon termination or resignation of an employee, compensate that employee for his/her accrued vacation time and compensatory time at his/her current rate of pay.
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Payout on Termination. Note: this sub-clause only applies to Employees employed by Bradken Resources Pty Limited prior to 15 August 2023 with continuous service back to this period.
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Payout on Termination. Upon termination of employment payment in lieu of untaken Annual Leave entitlements (including any applicable loadings and allowances) will be made.
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Related to Payout on Termination

  • Payment on Termination If an employee is terminated after the end of a year of employment, the employee is deemed to have been given any untaken leave from the date of termination and shall be paid for that leave accordingly. The employee shall also be paid for any public holidays falling within the period of leave in addition to payment for the leave. If an employee is terminated before the end of a full year of employment, the employee shall be paid pro-rata annual leave based on the period of service.

  • Repayment on Termination Date The Borrower hereby agrees to repay the outstanding principal amount of (i) all Revolving Credit Loans in full on the Revolving Credit Maturity Date, and (ii) all Swingline Loans in accordance with Section 2.2(b) (but, in any event, no later than the Revolving Credit Maturity Date), together, in each case, with all accrued but unpaid interest thereon.

  • On Termination In the event this Agreement is terminated for any reason prior to the expiration of its original term or any renewal term, Owner shall indemnify, protect, defend, save and hold Manager and all of the other Indemnified Parties harmless from and against any and all claims, causes of action, demands, suits, proceedings, loss, judgments, damage, awards, liens, fines, costs, attorney's fees and expenses, of every kind and nature whatsoever (collectively, "Losses"), that may be imposed on or incurred by Manager by reason of the willful misconduct, gross negligence and/or unlawful acts (such unlawfulness having been adjudicated by a court of proper jurisdiction) of Owner.

  • Payment on Early Termination Upon termination pursuant to Section 14 (Early Termination), District shall pay Contractor as follows: (i) If District terminates this Contract for its convenience under Section 14(a) or 14(b), then District must pay Contractor for work performed before the termination date if and only if Contractor performed in accordance with this Contract. District shall not be liable for any direct, indirect, or consequential damages. Termination by District shall not constitute a waiver of any other claim District may have against Contractor. (ii) If Contractor terminates this Contract under Section 14(c) due to District’s breach, then District shall pay Contractor for work performed before the termination date if and only if Contractor performed in accordance with this Contract. (iii) If District terminates this Contract under Sections 14(c) or 14(d) due to Contractor’s breach, then District must pay Contractor for work performed before the termination date less any setoff to which District is entitled and if and only if Contractor performed such work in accordance with this Contract.

  • Compensation on Termination An Employee whose services have been terminated for any cause and who within three (3) months of separation is diagnosed by a physician as having tuberculosis, shall be entitled to the above compensation and the salary rate shall be based on the salary he was receiving at the time his services were terminated. The benefits of this provision may be extended for an additional three (3) months, provided that the former Employee concerned submits a x-ray plate taken within three (3) months after the termination of employment.