Computation Period Change Clause Samples
The Computation Period Change clause defines the conditions and procedures for altering the time frame used to calculate certain financial or performance metrics under an agreement. Typically, this clause outlines who has the authority to initiate a change, the notice requirements, and any limitations or approvals needed for such a modification. For example, it may allow parties to adjust the computation period from quarterly to monthly reporting if business needs change. The core function of this clause is to provide flexibility in measurement periods, ensuring that the agreement remains relevant and practical as circumstances evolve.
Computation Period Change. When a Plan amendment changes the Plan’s Eligibility Computation Period, an Employee who completes at least 1,000 Hours of Service in both the last pre-amendment Computation Period and the first post-amendment Computation Period under the Plan shall be credited with two Years of Service. The last pre-amendment Computation Period will end during the first post-amendment Computation Period under the Plan as amended.