Surplus Clause Samples
The Surplus clause defines how any excess funds or assets remaining after all obligations and liabilities have been satisfied are to be distributed. Typically, this clause applies at the conclusion of a contract, partnership, or liquidation event, specifying whether surplus assets are returned to contributors, divided among stakeholders, or handled in another agreed manner. Its core function is to ensure a clear and fair process for handling leftover resources, thereby preventing disputes and providing certainty to all parties involved.
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Surplus. All state owned property and supplies no longer needed, may be declared surplus and disposed of upon prior approval from the Cabinet. The CHFS, Office of Administration and Technology Services staff is responsible for sanitizing all computer equipment prior to disposal. Upon identification of items to be surplused or returned, the Vendor shall complete a B-217 and mail it to the CHFS Agency Property Officer with a copy to the Department within thirty (30) calendar days when any of the following occurs:
i. The equipment or furniture is no longer needed by the Vendor and is available for surplus;
ii. The contract is terminated; or
iii. The contract period ends and will not be renewed. Upon receipt of the B-217, the Agency’s property officer shall review the fixed asset information and advice if the disposal method requested is approved. If the item(s) were purchased by federal funds, any funds received from the sale of the equipment having an acquisition cost of $5,000 or more, must be credited against the appropriate federal grant. DocuSign Envelope ID: EF8E297B-24F7-43A7-9300-33B5DAA4095F As soon as possible, but no later than five (5) business days of terminating this contract for any reason, the Vendor shall deliver to CHFS a complete and current inventory, including the information referenced in Section 9.48, of any and all of the Cabinet’s equipment and furniture in its possession, custody, or control. Within thirty (30) business days of the contract expiration/termination date, the Vendor shall return or make available any equipment and/or furniture. If needed, both the CHFS 117 and 217 forms can be obtained by contacting Sole Point of Contact listed on the Title Page.
Surplus. Any surplus in the Medical Plan shall remain available only for use by the Renton Employees’ Health Plan Board of Trustees for either improvements in the Plan, future costs, increase offsets, rebates to participants, or reduction in employee contributions.
Surplus. A teacher who does not have a position at his/her assigned home school(s), or 4 site(s) due to a reduction in the number of teachers assigned to that school or program.
Surplus. 8.1 If a facility is excluded from a target unit, the Operator must determine how any surplus should be distributed between the facilities that have been excluded from the target unit and the facilities remaining in the target unit and must notify the Administrator of the redistribution within 20 working days of the facility being excluded from the target unit.
8.2 If an Operator fails to notify the Administrator of the redistribution in accordance with Rule 8.1 any surplus remains with the facilities remaining in the target unit.
8.3 If facilities join a target unit, any surplus attributable to those joining facilities may be used by the target unit as a whole.
Surplus. All state owned property and supplies no longer needed, may be declared surplus and disposed of upon prior approval from the Cabinet. The CHFS, Office of Administration and Technology Services staff is responsible for sanitizing all computer equipment prior to disposal. Upon identification of items to be surplused or returned, the Vendor shall complete a B-217 and mail it to the CHFS Agency Property Officer with a copy to the Department within thirty (30) calendar days when any of the following occurs:
i. The equipment or furniture is no longer needed by the Vendor and is available for surplus;
ii. The contract is terminated; or
iii. The contract period ends and will not be renewed. Upon receipt of the B-217, the Agency’s property officer shall review the fixed asset information and advice if the disposal method requested is approved. If the item(s) were purchased by federal funds, any funds received from the sale of the equipment having an acquisition cost of $5,000 or more, must be credited against the appropriate federal grant. As soon as possible, but no later than five (5) business days of terminating this contract for any reason, the Vendor shall deliver to CHFS a complete and current inventory, including the information referenced in Section 9.48, of any and all of the Cabinet’s equipment and furniture in its possession, custody, or control. Within thirty (30) business days of the contract expiration/termination date, the Vendor shall return or make available any equipment and/or furniture. If needed, both the CHFS 117 and 217 forms can be obtained by contacting Sole Point of Contact listed on the Title Page. DocuSign Envelope ID: EF8E297B-24F7-43A7-9300-33B5DAA4095F
Surplus. Any surplus, to the Person or Persons entitled thereto.
Surplus. Except as required by law, Assignee may but shall be under no obligation to do so, turn over to the Assignor any surplus moneys which the Assignee may have after paying all expenses incurred in connection with the operation of the Premises and establishing a reserve fund necessary for the payment of fixed charges due or to become due for such time as Assignee, in its sole discretion deems reasonable. The tender by Assignee to Assignor of surplus moneys on one occasion shall not obligate Assignee to tender surplus moneys thereafter.
Surplus. 8.6.1 A surplus situation exists when the number of unit members at a particular work site or in a district-based program exceeds the district- and/or department- determined unit allocation.
Surplus. The term refers to a condition in which the Company determines that the assigned number of individuals exceeds the needs of the activity, project, program or organization to which the individuals are assigned. A surplus may or may not result in layoffs. To the extent deemed practicable by the Company, surpluses will be resolved by placing individuals in other assignments.
Surplus. (a) Should it become necessary to declare a position surplus because the programming needs at a school have changed due to a specific student moving to another location, the Educational Assistant who has most frequently assisted that student will have the option of being transferred to the student’s new location, provided this does not cause a displacement of Employees at the new location and the assignment is the same FTE, or of remaining at his/her location subject to the surplus procedure. Similarly, should a congregated Special Education Program which includes Educational Assistants be moved from one location to another, the Educational Assistants so affected will have the option of moving with that Program to the new location or be subject to the surplus procedure.
(b) When a position is declared surplus and thee is more than one (1) Employee in that job classification at that school/department, the displacement will be as follows:
(i) If the surplus position is less than full-time, the most junior part- time Employee at the location will be displaced.
(ii) If there are no part-time Employees, then the most junior full-time Employee in that job classification at that location will have his/her status reduced. The affected Employee may elect to reduce to part-time and seek an additional part-time position or be declared surplus.
(iii) If the surplus position is a full-time position, the most junior full-time Employee in that job classification at that location will be declared surplus regardless if there is a part-time Employee with less seniority at that location.
(iv) The Parties may agree that it is necessary to retain the most junior Employee in i), ii) or iii) above due to exceptional circumstances resulting in a student’s needs being significantly affected.
(v) When a position is declared surplus at a location any Employee at that location may opt to be displaced rather than declaring the most junior Employee surplus, provided that the remaining Employees have the skill, ability and qualifications necessary to perform the required work. Any Employee opting to be displaced must inform the Supervisor within twenty-four (24) hours in writing.
(vi) The displaced Employee(s) can displace the most junior Employee if the displaced Employee(s) has the skill, ability and qualifications to perform the required work.
(c) Should a position be declared surplus during the school year, the affected Employee shall be placed on a temporary basis into any vacant p...