Common use of Clearing the Bank Clause in Contracts

Clearing the Bank. a. A pilot who has a positive balance in his vacation bank after his last vacation period of the year shall be paid for those credit hours, prior to the end of the year, at his pay rate at the beginning of the bid period in which the buy back is paid. The maximum balance subject to buy back is 40% of the vacation bank balance as of the beginning of the calendar year, including positive or negative adjustments from the previous year, plus positive adjustments in the current year, if any.

Clearing the Bank. a. A pilot who has a positive balance in his the pilot’s vacation bank after his the pilot’s last vacation period of the year shall be paid for those credit hours, prior to the end of the year, at his the pilot’s pay rate at the beginning of the bid period in which the buy back is paid. The maximum balance subject to buy back is 40% of the vacation bank balance as of the beginning of the calendar year, including positive or negative adjustments from the previous year, plus positive adjustments in the current year, if any.