Qualified Performance Clause Samples

The Qualified Performance clause defines the standards or conditions under which a party’s performance under the contract is considered acceptable, even if it does not fully meet the original specifications. Typically, this clause allows for minor deviations or imperfections in the delivered goods or services, provided they do not materially affect the overall purpose or value of the contract. By setting clear boundaries for what constitutes acceptable performance, the clause helps prevent disputes over insignificant defects and ensures that parties are not penalized for trivial shortcomings.
Qualified Performance. Based Awards means Awards intended to qualify as “performance-based compensation” under Section 162(m) of the Code.
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Qualified Performance. Notwithstanding Employee’s Continuous Service or Qualified Termination, as applicable, the vesting or forfeiture of the Incentive Award shall be preconditioned on the attainment of the Performance Target at a level that equal or exceeds the Threshold Achievement level for the applicable Performance Period (“Qualified Performance”) as described in Schedule I and determined pursuant to Section 5 below. If Qualified Performance is not attained, then the entire Incentive Award shall be forfeited regardless of whether Employee remains in Continuous Employment throughout the applicable Subject Restricted Period or incurs a Qualified Termination. For the avoidance of doubt, if Qualified Performance is attained at a level that does not equal or exceed the Target Achievement level as described in Schedule I and determined pursuant to Section 5 below, then vesting and payout of the Incentive Award will be limited to the portion of the Incentive Award based on the liner interpolation described in Schedule I.
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Related to Qualified Performance

  • Excused Performance In case performance of any terms or provisions hereof shall be delayed or prevented because of compliance with any law, decree or order of any governmental agency or authority, whether the same shall be of Local, State or Federal origin, or because of riots, war, public disturbances, strikes, lockouts, differences with workmen, fires, floods, acts of God or any other reason whatsoever which is not within the control of the party whose performance is interfered with and which, by the exercise of reasonable diligence, said party is unable to prevent, the party so suffering may, at its option, suspend, without liability, the performance of its obligations hereunder during the period of such suspension of performance of duties hereunder.

  • Continued Performance The Contractor and Contractor Parties shall continue to Perform their obligations under the Contract while any dispute concerning the Contract is being resolved.

  • Continuity of Service and Performance Unless otherwise agreed in writing, the Parties shall continue to provide service and honor all other commitments under this Agreement during the course of a Dispute with respect to all matters not subject to such Dispute.

  • Continuing Performance In the event of a dispute, the Owner and the Developer agree to continue their respective performance hereunder to the extent feasible in light of the dispute, including paying ▇▇▇▇▇▇▇▇, and such continuation of efforts and payment of ▇▇▇▇▇▇▇▇ shall not be construed as a waiver of any legal right.

  • TIMELY PERFORMANCE (a) SELLER's timely performance is a critical element of this Contract. (b) SELLER shall provide LOCKHEED ▇▇▇▇▇▇ status of performance of this Contract when requested. In addition, if SELLER becomes aware of an impending labor dispute involving SELLER or any lower tier subcontractor, or any other difficulty in performing the Work, SELLER shall timely notify LOCKHEED ▇▇▇▇▇▇, in writing, giving pertinent details. These notifications shall not change any delivery schedule.