Benefits Only Clause Samples
The "Benefits Only" clause defines that the agreement or provision is intended solely to confer benefits on the specified parties, without granting any additional rights or obligations. In practice, this means that only the parties named in the contract can claim the advantages or protections provided, and no third party can assert a right to enforce the terms. This clause is commonly used to prevent unintended third-party beneficiaries from gaining legal standing, thereby ensuring that the contract's benefits are limited to those directly involved and reducing the risk of external claims.
Benefits Only. 1. As an alternative in A above, after ten (10) years of full-time satisfactory service as a certificated employee in the ▇▇▇▇▇▇ School District and attainment of age 55, a unit member is eligible to apply for the Retirement Benefits only.
2. All applicants for participation in this program are subject to discretionary approval of the Board of Trustees.
3. Personnel participating in this alternative Benefit program will be entitled to all health and welfare benefits for up to five (5) years or until the person is eligible for Medicare, whichever comes first, as though they were regular full-time employees, subject to changes in the collective Bargaining Agreement. If health and welfare benefits only become available to participants at premium rates in excess of those for full-time employees, the District’s contribution to the premium shall not exceed what the District’s contribution would have been had the participant continued in employment with the District and selected the same health and welfare benefits. The participant will be responsible to pay the difference between the District contribution and the balance of the increased premium.
Benefits Only. Upon the assignment to Lender for security purposes of all of Borrowers’ and HDEM’s right, title and interest in and to the Distribution Agreements, and all other agreements subject to Lender’s security interest hereunder, Lender shall take an assignment only of the benefits of and shall not assume the obligations and liabilities under any such agreement, and Borrowers shall (and hereby agree to) perform or cause to be performed all of Borrowers’ obligations under each such agreement, and Borrowers shall not be released from such obligations by making such assignment.