Step Adjustment Clause Samples

A Step Adjustment clause defines a mechanism for modifying certain terms or values in a contract incrementally over time, typically in predetermined stages or steps. For example, this clause might specify that payment amounts, interest rates, or service levels will increase or decrease at set intervals, such as annually or upon reaching specific milestones. The core practical function of a Step Adjustment clause is to provide predictability and structure to changes in key contract terms, ensuring both parties are aware of and can plan for these adjustments, thereby reducing the risk of disputes or misunderstandings.
Step Adjustment. 5.1 For purposes of calculating the Step Adjustment, the following definitions shall apply: 5.1.1 Accumulated Depreciation is the cumulative net credit balance arising from the provision for depreciation expense, cost of removal, salvage, and retirements. Non-growth depreciation expense and retirements shall be apportioned to non- growth investments based upon the proportion of non-growth related Plant Additions relative to total Plant Additions in the Investment Year.
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Step Adjustment. Payment for first step Police Officer classification only will be reduced by ten percent (10%) for those employees hired on or after July 1, 2011.
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Step Adjustment. ‌ Subject to the terms and conditions of this MOU, salary adjustments will be made within the salary range for employee classifications in five increments, referred to as Steps “a” through “e”. Step “b” shall be five percent (5%) more than Step “a”, Step “c” shall be five percent (5%) more than Step “b”, Step “d” shall be six percent (6%) more than Step “c”, and Step “e” shall be six percent (6%) more than Step “d”. See Exhibit A for Salary Schedule.
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Step Adjustment. Effective January 1, 2009, Steps 9 and 10 of all ranks on the salary schedule will be adjusted to provide that the movement from Step 8 to 9, 9 to 10 and 10 to 11 will be of equal dollar amounts. Steps 8 and 11 will remain unchanged. However, after this adjustment, the County will continue to apply the 1% wage increase to Steps 1 through 10 as set forth in paragraph 2, above.
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Step Adjustment. 4.1 The Company shall be allowed one step adjustment (the “Step Adjustment” or “Step 1”). Step 1 shall reflect an increase to account for calendar year 2020 and 2021 plant-in-service and a known and measurable adjustment for wages, salaries, and benefits. This Step Adjustment reflects adjustments that have been made to the revenue requirement in order to reach settlement. The Step Adjustment shall be subject to the following conditions: (a) The Step Adjustment shall include only allowed non-revenue producing projects closed to plant in 2020 and 2021, which are placed in service, and used and useful, in the amount of $12,094,580, net of a pending grant and accumulated depreciation, as shown in Appendix 4, and the 2021 known and measurable wages, salaries, and benefits increase as shown in Appendix 5. (b) The Step Adjustment results in an additional revenue increase not-to-exceed $1,561,436. (c) Local property taxes shall not be included in the calculation and will be recovered through the Property Tax Adjustment Mechanism (“PTAM”) in Section 6 of this Settlement Agreement. (d) State utility property taxes for all projects listed in Appendix 4, calculated using the statutory tax rate in RSA 83-F:2, shall be included in the Step Adjustment calculation. (e) Depreciation expense should be calculated using the approved whole-life methodology. 4.2 For implementation of the Step Adjustment, Aquarion agrees to submit its filing to commence review of the Step 1 adjustment, including project documentation, within 14 days of execution of this Settlement Agreement. Aquarion reserves the right to request the Commission to issue a decision on the Step 1 adjustment on or before July 1, 2022, or as soon as possible thereafter, provided that the DOE Audit Division and the DOE Regulatory Division have completed their audit and review of the Step 1 adjustment filing. The filing shall include, at least, the following documentation and process steps: (a) The Company shall provide the amount of the investments to be included in the step increase (by project) and detailed project descriptions including the initial budget, the final cost, the treatment of any related retirements, and the date each project was booked to plant in-service. (b) For each project, Aquarion shall provide all Company project documents including, but not limited to, business cases, capital project expenditure applications, change order forms, project close out reports, and work orders. (c) The DOE, the OCA...
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Step Adjustment. Effective with the 2017-2018 school year, new hires will start on Step 2 of the certified salary schedule. Any employee under step 2 will be adjusted up to Step 2 upon ratification. Employees will remain on this step (Step 2), until such time as they are eligible for Step 3. (9/17)
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Related to Step Adjustment

  • CPI Adjustment If the CPI Percentage Increase (as defined below) is more than [***] for the relevant Adjustment Period, then the Rent payable during that Adjustment Period shall be adjusted upward by a percentage equal to the CPI Percentage Increase (as defined below) applicable to such Adjustment Period, but not to exceed an adjustment during any Adjustment Period of greater than [***]. The term “Consumer Price Index” shall mean the unadjusted Consumer Price Index for All Urban Workers, U.S. City Average, All Items, 1982-84=100, calculated and published by the United States Department of Labor, Bureau of Labor Statistics. The “CPI Percentage Increase” shall mean, with respect to any Adjustment Period, [***]. For the avoidance of doubt, no CPI Adjustment shall be made to any payment due under this Ground Lease for any Adjustment Period if the result of such CPI Adjustment would be to (a) reduce the amount of such payment to an amount that is less than the amount of such payment due for the immediately preceding Adjustment Period or (b) to raise the amount of such payment to an amount that is greater than [***]. For illustrative purposes only, [***]. The CPI Percentage Increase for any Adjustment Period shall be calculated by the Tenant, and the Tenant shall deliver written notice to the Landlord describing such calculation in reasonable detail (a “CPI Notice”) no later than thirty (30) days after the commencement of any Adjustment Period. If the Landlord disagrees with the Tenant’s calculation of the CPI Percentage Increase, then the Landlord shall deliver to the Tenant written notice, describing the basis for such disagreement in reasonable detail (a “CPI Disagreement Notice”), not later than thirty (30) days after delivery of the CPI Notice. If the Landlord fails to deliver a CPI Disagreement Notice within thirty (30) days after delivery of any CPI Notice, then the Landlord shall be conclusively deemed to have agreed with the calculation of the CPI Percentage Increase set forth in such CPI Notice.

  • True-Up Adjustments From time to time, until the Retirement of the Recovery Bonds, the Servicer shall identify the need for True-Up Adjustments and shall take all reasonable action to obtain and implement such True-Up Adjustments, all in accordance with the following:

  • Tax Adjustment Tenant shall pay as additional rent for each Calendar Year that amount (the "TAX ADJUSTMENT AMOUNT") which is Tenant's Proportionate Share of the amount by which the Taxes incurred with respect to such Calendar Year exceed the Tax Base Amount. The Tax Adjustment Amount with respect to each Calendar Year shall be paid in monthly installments, in an amount estimated from time to time by Landlord and communicated by written notice to Tenant. Following the close of each Calendar Year, Landlord shall cause the amount of the Tax Adjustment Amount for such Calendar Year to be computed based on Taxes for such Calendar Year and Landlord shall deliver to Tenant a statement of such amount and Tenant shall pay any deficiency as shown by such statement to Landlord within 30 days after receipt of such statement. If the total of the estimated monthly installments paid by Tenant during any Calendar Year exceeds the actual Tax Adjustment Amount due from Tenant for such Calendar Year, then, at Landlord's option such excess shall be either credited against payments next due hereunder or refunded by Landlord, provided Tenant is not then in default hereunder. The amount of any refund of Taxes received by Landlord shall be credited against Taxes for the year in which such refund is received. In determining the amount of Taxes for any year, the amount of special assessments to be included shall be limited to the amount of the installment (plus any interest payable thereon) of such special assessment required to be paid during such year as if the Landlord had elected to have such special assessment paid over the maximum 4. period of time permitted by law; if the authority to whom such assessment is to be paid shall not permit such assessment to be paid in installments, the amount of such assessment shall be treated as being amortized over such number of calendar years, beginning with the Calendar Year in which the assessment is payable, as Landlord shall reasonably determine, with interest at the rate of 15% per annum on the unamortized amount, and such amortization and interest for each Calendar Year shall be included in Taxes for that Calendar Year.

  • Year-End Adjustment If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Operating Expense Limit.

  • Annual Adjustment From January 1 of the next year, the loan interest rate shall be adjusted, on the basis of the LPR recently published, in accordance with the increased or decreased percentage points agreed herein;