Common use of Transition Payment Clause in Contracts

Transition Payment. The social plan is an equivalent provision as referred to in law (Section 673b of Book 7 of the Dutch Civil Code). Therefore, redundant employees to whom the social plan applies and whose employment is terminated otherwise than by mutual consent are not entitled to the statutory transition payment.

Transition Payment. The social plan Social Plan is an equivalent provision as referred to in law (Section 673b of Book 7 of the Dutch Civil Code). Therefore, redundant employees to whom the social plan Social Plan applies and whose employment is terminated otherwise than by mutual consent are not entitled to the statutory transition payment.