Agree to Pay Clause Samples
The "Agree to Pay" clause establishes the obligation of one party to make specified payments to another under the terms of the agreement. Typically, this clause outlines the amount, timing, and method of payment, and may specify what triggers the payment, such as delivery of goods, completion of services, or achievement of milestones. Its core practical function is to ensure both parties have a clear understanding of payment expectations, reducing the risk of disputes over financial obligations.
Agree to Pay. Effective January 1, 2020 through the expiration of this Agreement, the Employer agrees to contribute contribution rates necessary for the above-mentioned benefits, as determined by the Fund, to sustain benefits. The parties agree and understand that, if the appropriate contribution rates are not paid, the Trustees of the Fund may eliminate benefits to otherwise eligible participants and terminate the Employer’s participation pursuant to the Fund’s Minimum Standards.