Special Rules Applicable to Reduction of Payments Clause Samples

The "Special Rules Applicable to Reduction of Payments" clause defines specific conditions and procedures under which payments due under an agreement may be reduced. This clause typically outlines scenarios such as tax withholdings, set-offs, or deductions required by law, and may specify the order or method by which reductions are calculated and applied to payment amounts. Its core practical function is to ensure that both parties understand when and how payment amounts might be adjusted, thereby preventing disputes and ensuring compliance with legal or contractual obligations.
Special Rules Applicable to Reduction of Payments. The Executive shall determine which and how much of the Parachute Payments shall be reduced consistent with the requirements of Section 3.8(a)(ii), provided that, if the Executive does not make such determination within 10 business days after the receipt of the calculations made by the Accounting Firm, the Employer shall elect which and how much of the Parachute Payments shall be eliminated or reduced consistent with the requirements of Section 3.8(a)(ii) and shall notify the Executive promptly of such election.
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Related to Special Rules Applicable to Reduction of Payments

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