Retention Reduction Sample Clauses

The Retention Reduction clause defines the conditions under which the amount of money withheld (retention) from payments to a contractor or service provider can be decreased during the course of a project. Typically, this clause specifies milestones or performance criteria—such as completion of a certain percentage of work or passing inspections—after which the retention percentage is reduced. Its core practical function is to incentivize timely and quality work by gradually releasing withheld funds, while still protecting the client’s interests until the project is satisfactorily completed.
Retention Reduction. If all the conditions of payment set forth in Article 11(c) have been met (except for minor punch list items or claims of non-material deficiencies in the Work, the value of which items or claims will be mutually determined in good faith by Purchaser and Seller), Seller will invoice Purchaser for the retention amount less twice the determined value of such items or claims. Upon the correction or elimination of such items or claims, Seller will invoice Purchaser for the balance of the retention amount.
View SourceView Similar (4)
Retention Reduction. If all the conditions of payment set forth in Article 11(c) have been met (except for minor punch list items or claims of non-material deficiencies in the Work, the value of which items or claims will be mutually determined in good faith by Purchaser and Seller), Seller will invoice Purchaser for the retention amount less twice the determined value of such items or claims. Upon the correction or elimination of such items or claims, Seller will invoice Purchaser for the balance of the retention amount. -------------- [*] = omitted, confidential material, which material has been filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment.
View Source

Related to Retention Reduction

  • PERSONNEL REDUCTION Section 1 In the event of layoffs in connection with decreasing the work force, and the recall to work of people so laid off, the following consideration shall govern. Skill and ability as determined by reference to the employee's work record, and length of service shall be the determining factors; however, employees shall be laid off by category of seniority. There shall be three (3) seniority categories: probationary, 1 yearto 5 years seniority, and over 5 years seniority. In case of layoff, all employees in the lowest seniority category shall be laid off before proceeding to layoff of anyone in a more senior category. Where skill and ability within a category are approximately equal, length of service shall govern. Employees having the same seniority within a category shall draw lots to determine the order of layoff. No new employees shall be hired until all laid off employees have been given the opportunity to be re-hired. Employees who have been laid off will be offered re-employment in the inverse order of layoffs when they are needed again, provided they are physically qualified and possess sufficient training and experience to perform the duties of the available work. The City shall give laid off employees ten (10) days notice of its intention to rehire. The employees shall within ten (10) days period notify the City of their intention to, or not to, return to the employ of the City, and shall report to work no later than fifteen (15) days from receipt of said notice to rehire. If an employee fails to notify the City within the ten (10) calendar day period of his/her intentions to return to work, or fails to report to work within fifteen (15) calendar days from the date of notice, he/she shall be considered permanently severed from the employ of the City. At the time of a layoff the City shall provide all laid off employees with a complete physical examination. At the time of rehire, the City may require a physical examination prior to the employee's return to duty, and it is expressly understood that any employee found physically unfit to return to duty may be refused re-employment and removed from the employment list. The City shall not be obligated to rehire laid off employees who have been laid off for five (5) or more consecutive calendar years, beginning from the date of layoff. Section 2 Employees laid off under provisions of this ARTICLE, who at the time of layoff had existing and established work-connected injuries, may not be denied re-employment during the five (5) year call-back period because of these work-connected injuries as existing and established prior to the layoff. Section 3 Nothing in this ARTICLE shall limit the ability of the City to provide for a compliment of officers and departmental personnel deemed in the judgment of the Chief necessary for the proper administration of the affairs of the Department and as provided for within the Departmental budget. Collective Bargaining Agreement Dover Professional Firefighters Association FY12-FY14

  • Fee Reduction The Adviser agrees that from the commencement of operations of the Fund through January 31, 2020, it will reduce its compensation and/or reimburse certain expenses for the Fund, to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed (on an annual basis) 1.15%, as a percentage of the Fund’s average daily net assets.

  • WORKFORCE REDUCTION SECTION 1 Layoffs (A) When employees are to be laid off, the state shall implement such layoff in the following manner: (1) The competitive area within which layoffs will be affected shall be defined as statewide within the DHSMV. (2) Layoff shall be by occupational level within the Florida Highway Patrol bargaining unit. (3) An employee who has not attained permanent status in his current position may be laid off without applying the provision for retention rights. (4) No employee with permanent status in his current position shall be laid off while an employee who does not hold permanent status in his current position is serving in that broadband level unless the permanent employee does not elect to exercise his retention rights or does not meet the selective competition criteria. (5) All employees who have permanent status in their current position shall be ranked on a layoff list based on the total retention points derived as follows: (a) Length of service retention points shall be based on one point for each month of continuous service in a Career Service position. 1. An employee who resigns from one Career Service position to accept employment in another Career Service position is not considered to have a break in service. 2. An employee who has been laid off and is reemployed within one year from the date of the layoff, shall not be considered to have a break in service. 3. Moving from Career Service to Selected Exempt Service or Senior Management Service and back to Career Service does not constitute a break in service unless the employee’s break in service is more than 31 calendar days. Only time spent in the Career Service can be counted in calculating retention points. (b) Retention points deducted for performance not meeting performance standards or work expectations defined for the position shall be based on the five years immediately prior to the DHSMV’s established cutoff date. Five points shall be deducted for each month an employee has a rating below performance expectations. (6) The layoff list shall be prepared by totaling retention points. Employees eligible for veterans’ preference pursuant to section 295.07(1)(a) or (b), F.S., shall have fifteen percent added to their total retention points, those eligible pursuant to section 295.07(1)(c), (d), or (e), F.S., shall have ten percent added to their total retention points, and those eligible pursuant to section 295.071(1)(f), or (g), F.S., shall have five percent added to their total retention points. (7) The employee with the highest total retention points is placed at the top of the list, and the employee with the lowest retention points is placed at the bottom of the list. (8) The employee at the top of the list shall bump the employee at the bottom of the list. The next highest employee on the list and the remaining employees shall be handled in the same manner until the total number of filled positions in the broadband level to be abolished is complete. (9) Should two or more employees have the same combined total of retention points, the order of layoff shall be determined by giving preference for retention in the following sequence: (a) The employee with the longest service in the affected broadband level. (b) The employee with the longest continuous service in the Career Service. (c) The employee who is entitled to veterans’ preference pursuant to section 295.07(1), F.S. (10) An employee who has permanent status in his current position and is to be laid off shall be given at least 14 calendar days’ notice of such layoff or two weeks’ pay or a combination of days of notice and pay. Any payment will be made at the employee’s current hourly base rate of pay. The notice of layoff shall be in writing and sent to the employee by certified mail, return receipt requested. Within seven calendar days after receiving the notice of layoff, the employee shall have the right to request, in writing, a reassignment, lateral action, or demotion within the competitive area in lieu of layoff to a position in a broadband level within the bargaining unit in which the employee held permanent status, or to a position at the level of or below the current level in the bargaining unit, in which the employee held permanent status. Such request must be in writing and reassignment or demotion cannot be effected to a higher broadband level. (11) An employee’s request for reassignment, lateral action, or demotion shall be granted unless it would cause the layoff of another employee who possesses a greater total of retention points. (12) An employee adversely affected as a result of another employee having a greater number of retention points shall have the same right of reassignment, lateral action, or demotion under the procedure as provided in this section. (13) If an employee requests a reassignment, lateral action, or demotion in lieu of layoff, the same formula and criteria for establishing retention points shall be used as prescribed in this section. (B) If there is to be a layoff of employees the state shall take all reasonable steps to place any adversely affected employees in existing vacancies for which they are qualified. (C) If work performed by employees in this unit is to be performed by non-state employees, the state agrees to encourage the employing entity to consider any adversely affected unit employees for employment in its organization if the state has been unable to place the employees in other positions within the Career Service System.

  • Automatic Reduction Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.

  • Salary Reduction A reduction in pay from one step to another, which is not below the minimum rate established for the position by the salary plan. A copy of the notice of reduction shall be sent promptly to the City Manager Department for inclusion in the employee's official personnel file.