Revert Back Clause Samples

The 'Revert Back' clause establishes the conditions under which rights, property, or obligations previously transferred or assigned under an agreement are returned to the original party. In practice, this clause may apply if certain conditions are not met, such as failure to complete payment, breach of contract, or expiration of a license, resulting in the automatic or requested return of assets or rights. Its core function is to protect the original owner by ensuring that, if the agreement is not fully performed or is terminated, they regain control or ownership, thereby minimizing risk and clarifying the consequences of non-fulfillment.
Revert Back. An employee who transfers to another location in the same classification pursuant to Article 15.09 shall not be required to serve a trial period, but may revert back to his/her former position within ten (10) working days of the transfer.
Revert Back. During the twelve (12) month probationary period, the member shall have the opportunity to revert back to his former classification without prejudice. If the member should fail his/her probationary period, they shall be reverted back no lower than their former classification. In the event the member decides to revert back to his former classification, he will be placed back on the eligibility list from which he was promoted in his original position. If the member has failed his probationary period, he will be eliminated from the list.

Related to Revert Back

  • Gains Where an error or omission has occurred under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances and, provided that the Fund is put in the same or equivalent position as it would have been in if the error or omission had not occurred, any favorable consequences of the Custodian’s remedial action shall be solely for the account of the Custodian.

  • Transfer Fees If the Property is subject to a private transfer fee obligation, §5.205, Property Code, requires Seller to notify Buyer as follows: The private transfer fee obligation may be governed by Chapter 5, Subchapter G of the Texas Property Code.

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  • Other Payroll Deductions Upon appropriate written authorization from the employee, the Board shall deduct from the salary of any employee and make appropriate remittance for annuities, credit union, savings bonds, insurance, or any other plans or programs approved by the parties.

  • Program Income Program income refers to gross income directly generated by a supporting activity during the period of performance. Unless otherwise required under the Grant Agreement, Grantee shall use Program Income, as provided in TxGMS, to further the Project, and Grantee shall spend the Program Income on the Project. Grantee shall identify and report Program Income in accordance with the Grant Agreement, applicable law, and any programmatic guidance. Grantee shall expend Program Income during the Grant Agreement term, when earned, and may not carry Program Income forward to any succeeding term. Grantee shall refund Program Income to the System Agency if the Program Income is not expended in the term in which it is earned. The System Agency may base future funding levels, in part, upon ▇▇▇▇▇▇▇’s proficiency in identifying, billing, collecting, and reporting Program Income, and in using Program Income for the purposes and under the conditions specified in this Grant Agreement.