Automobile Component Sample Clauses
The 'Automobile Component' clause defines the specific parts or elements that make up an automobile for the purposes of the agreement. It typically outlines which components are included, such as engines, transmissions, or electronic systems, and may specify standards or requirements for these parts. By clearly identifying what constitutes an automobile component, this clause ensures both parties have a mutual understanding of the subject matter, reducing ambiguity and potential disputes over what is covered under the contract.
Automobile Component. The Executive shall be entitled to purchase the Company-leased automobile, if any, being used by the Executive prior to termination at the "buyout amount" specified by the vehicle's lessor. The parties acknowledge that the amounts and benefits provided in (i) through (vi) above constitute a reasonable estimate of and compensation for any damages the Executive may suffer as the result of his termination of employment under this Agreement. If the Executive does not execute, or having executed, effectively revokes the Release, the Company will not be obligated to provide any benefits or payments of any kind to the Executive.