Automobile Payments Clause Samples
The Automobile Payments clause outlines the terms and conditions under which payments related to the use, purchase, or lease of an automobile must be made. It typically specifies the payment schedule, acceptable methods of payment, and any penalties for late or missed payments. For example, it may require monthly installments to be paid by a certain date each month and detail the consequences of non-payment, such as repossession or additional fees. This clause ensures both parties understand their financial obligations, thereby reducing the risk of disputes and providing a clear framework for managing automobile-related payments.
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Automobile Payments. The Company shall provide to Employee a leased automobile for use in connection with Employee's services to the Company, the monthly lease payments for which automobile shall not exceed $600 or such other amount reasonably determined by the Company. The Company shall also pay to Employee $500 per month as reimbursement to Employee for automobile expenses, including without limitation, insurance, gasoline and repairs or service to the automobile.
Automobile Payments. During the term of this Agreement, the Company shall pay on behalf of Executive up to One Thousand Dollars ($1,000.00) per month, in connection with Executive’s leasing or purchase of an automobile.
Automobile Payments. During the Term, the Company shall pay Executive $1,500 per month, in connection with Executive’s leasing or purchase of an automobile (including without limitation insurance and costs of maintenance). By way of clarification, Executive shall be responsible for all arrangements related to leasing or purchasing an automobile, and the Company’s obligations hereunder shall be limited to the payment to Executive for such lease or purchase payments. To the extent that such payments are subject to income taxes payable by Executive, the Company shall, for each tax year of Executive in which such payments are made or deemed made, pay Executive an amount to reimburse Executive for such income taxes for such tax year, on a gross-up basis.