042 Pay Plan -Electronic Clause Samples
The '042 Pay Plan - Electronic' clause establishes that payments under the contract will be made electronically rather than by paper check. In practice, this means the contractor must provide necessary banking information and comply with any electronic funds transfer (EFT) requirements specified by the contracting agency. This clause streamlines the payment process, reduces administrative delays, and minimizes the risk of lost or misdirected payments, thereby ensuring timely and secure compensation for contract work.
042 Pay Plan -Electronic. All members of the Association must have automatic electronic deposit of paychecks and will receive an electronic notification of the deposit.
042 Pay Plan -Electronic. All members of the Association must have automatic electronic deposit of pay checks. than two (2) days prior to the scheduled pay date.