Contractor Bonus Sample Clauses

The Contractor Bonus clause establishes the conditions under which a contractor is eligible to receive additional compensation beyond the agreed contract price. Typically, this clause outlines specific performance targets, such as early completion of work, exceeding quality standards, or achieving cost savings, that must be met for the bonus to be awarded. Its core practical function is to incentivize superior performance by the contractor, aligning their interests with the project's goals and encouraging efficiency or excellence.
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Contractor Bonus. (a) Contractor shall earn and Owner shall pay a schedule bonus for each day (or portion thereof) that Interim Completion is achieved prior to the Guaranteed Interim Completion Date, and for each day (or portion thereof) that Substantial Completion is achieved prior to the Guaranteed Substantial Completion Date (The “Schedule Bonus”). The Schedule Bonus shall be payable at a rate of ***** % of the applicable Schedule Liquidated Damages rate. The Schedule Bonus shall accrue on a daily basis for each day (or portion thereof) of early completion. Owner shall pay to Contractor a maximum amount of $*****. per day, up to a maximum payable amount of $***** for all schedule bonuses in the aggregate. (b) Contractor shall earn a bonus for the portion of Ethanol Production Rate which exceeds one hundred percent (100%) of the Ethanol Production Rate Guarantee, as determined herein and in the Scope of Work, per the final Guaranteed Performance Test (The “Performance Bonus”). Contractor shall pay to Owner the following amount based on the percentage (pro-rated) of the Ethanol Production Rate, which exceeds 100% of the Ethanol Production Rate Guarantee, up to a maximum payable amount of $*****: 103% $ ***** 106% $ ***** 109% $ ***** 112% $ ***** 115% $ ***** (c) Any bonus amount shall be pro-rated to actual performance value. Within thirty (30) days after Final Acceptance, Contractor shall provide Owner with a final statement of the amounts of bonus owed. Payment of such bonus shall not relieve Contractor of any of its obligations hereunder. The bonus shall be paid by Owner to Contractor not later than thirty (30) days after Final Acceptance.
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Related to Contractor Bonus

  • Longevity Bonus After twenty (20) years of continuous service, an employee will receive a longevity bonus of seven hundred dollars ($700) per year, payable in one lump sum by the second pay period following the employee's anniversary date.

  • Performance Bonus The Executive shall be eligible to receive an annual performance bonus, payable within sixty (60) days after the end of the fiscal year of the Employer, in an amount not to exceed twenty-five percent (25%) of the Executive's Base Salary for the applicable year. The amount, if any, shall be determined by the Board, or the appropriate committee thereof, and shall generally be based on a combination of organization-wide and individual performance criteria.

  • Performance Pay In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2020-2021, contingent upon the availability of funds and at the Agency Head’s discretion, each agency is authorized to grant merit pay increases based on the employee’s exemplary performance, as evidenced by a performance evaluation conducted pursuant to Rule 60L-35, Florida Administrative Code.

  • Performance Bonuses The Executive will be eligible to receive an annual cash bonus at an annualized rate of up to 40% of his base salary, based on the achievement of reasonable individual and Company performance targets to be established by the Company and Parent.

  • Overtime Compensation 1. Except as provided in this section, Grantee will be responsible for any obligations of premium overtime pay due employees. Premium overtime pay is defined as any compensation paid to an individual in addition to the employee’s normal rate of pay for hours worked in excess of normal working hours. 2. Funds provided under this Contract may be used to pay the premium portion of overtime only under the following conditions: i. With the prior written approval of System Agency; ii. Temporarily, in the case of an emergency or an occasional operational bottleneck; iii. When employees are performing indirect functions, such as administration, maintenance, or accounting; iv. In performance of tests, laboratory procedures, or similar operations that are continuous in nature and cannot reasonably be interrupted or otherwise completed; or v. When lower overall cost to System Agency will result.