Allocation under classifications Clause Samples
The 'Allocation under classifications' clause defines how resources, costs, or responsibilities are distributed based on specific categories or classifications within an agreement. In practice, this clause might specify that expenses are divided according to project phases, product types, or service levels, ensuring that each party's obligations are clearly tied to defined segments. Its core function is to provide a structured and transparent method for assigning duties or costs, thereby reducing ambiguity and potential disputes over how allocations are determined.
Allocation under classifications. If the Employer in its Adoption Agreement has elected to allocate its Nonelective Contributions based on classifications of Participants, the Plan Administrator will allocate any forfeitures which under the Plan are allocated as additional Nonelective Contributions:
(a) first to each classification pro rata in relation to the Employer's Nonelective Contribution to that classification for the forfeiture allocation Plan Year described in Section 3.07(B); and (b) second, the total amount of forfeitures allocated to each classification under (a) are allocated in the same manner as are the Nonelective Contributions to be allocated to that classification.
Allocation under classifications. If the Employer in its Adoption Agreement has elected to allocate its Nonelective Contributions based on classifications of Participants, the Plan Administrator will allocate any forfeitures which under the Plan are allocated as additional Nonelective Contributions: