Clearance Bonus Clause Samples
A Clearance Bonus clause establishes a financial incentive for a party to complete a specific task or project milestone ahead of schedule, typically related to clearing a site or removing obstacles. In practice, this clause specifies the conditions under which the bonus is earned, such as completing demolition or site preparation before a set deadline, and details the amount or calculation method for the bonus payment. Its core function is to motivate timely or expedited performance, thereby reducing project delays and encouraging efficiency.
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Clearance Bonus. CBS shall be entitled to earn an annual potential bonus (the “Clearance Bonus”) during the term of each of the WWO Affiliation Agreements based on the total percentage of commercial minutes actually broadcast by the CBS Stations in a calendar year (measured against those minutes set forth in Exhibit 1 of the form of WWO Affiliation Agreement, as such Exhibit 1 may be modified as provided therein, and as determined in all respects subject to CBS’ rights related to sports preemptions and make goods set forth in the Station Agreements, “Commercial Clearance”) as follows: ³ 95.0% $4.0 million The Clearance Bonus for Commercial Clearance between the Commercial Clearance percentages above will be interpolated on a straight line basis. The Commercial Clearance percentage shall be determined as described in the WWO Affiliation Agreements. The Clearance Bonus, if any, shall be paid by WON to CBS (on behalf of the CBS Stations) no later than the end of the first calendar quarter immediately succeeding the year in respect of which payment of the Clearance Bonus is determined based on affidavits submitted demonstrating spots cleared in the prior year (to the extent such affidavits were submitted on a timely basis or prior to the expiration of any cure period). Any Clearance Bonus for less than a full calendar year (e.g., 2017) shall be prorated based on the number of full months the WWO Affiliation Agreements are in effect for such partial year; provided, that if the Closing Date occurs after February 29, 2008, the Clearance Bonus for calendar year 2008 shall be calculated as if the Closing Date had been February 29, 2008. Any payment not paid to CBS on or before the date set forth above shall bear interest from the date of such required payment at an annual rate of 8% (eight percent).
Clearance Bonus. The clearance bonus is provided to active members of the CBU for the purpose of maintaining their government security clearance as required by the Contract. Employees who resign in good standing during the bonus period and meet all other qualifications at the time of resignation will receive a prorated payment for the time worked during the bonus period. Employees who are terminated or resign in lieu of termination during the bonus period are not eligible for the clearancebonus. Part-time members of the CBU will receive a prorated portion of the clearance bonus beginning with their first eligible quarter. The clearance bonus is paid in accordance with the amounts identified in Article XXV – Bonus Table and is paid on a quarterly basis at the end of each quarter. The bonus amounts represent gross dollars and are subject to taxes. Payments will be made during the second full pay period after the quarter ends. Qualification will be verified prior to the quarterly payments. The Company understands that the awarding of the bonus pursuant to this section may require the Company to increase regular rate of pay for the calculation of overtime and/or double time earned and paid during the bonus performance period. As of the first bonus period calculated after December 15, 2019, the Company will determine if the awarding of a bonus causes the need to adjust overtime and/or double time premium earnings, and the increased amount will be paid to the affected Employees in the pay period following the bonus payment.