Default plans Clause Samples
The "Default plans" clause establishes the procedures and consequences that apply if a party fails to fulfill its obligations under the agreement. Typically, this clause outlines the steps that will be taken in the event of a default, such as providing notice, allowing a cure period, or triggering specific remedies like acceleration of payments or termination of the contract. Its core practical function is to provide a clear framework for addressing breaches, thereby reducing uncertainty and ensuring both parties understand the repercussions of non-performance.
Default plans. The OHSU PPO medical plan, the Delta dental plan and the core vision plan shall serve as the default plans for employees failing to select medical, dental or vision insurance coverage, respectively, in a timely manner. The ▇▇▇▇▇▇ Permanente medical plan is not available for employees hired after January 1, 1998.
Default plans. (a) If, as a result of any circumstance, the Board does not approve and adopt the Approved Strategic Business Plan in full prior to the start of the relevant Fiscal Year then, following the start of such Fiscal Year, the Shareholders agree that the Company shall:
(i) implement all aspects of the Proposed Strategic Business Plan that have been approved by the Board; and
(ii) in respect of any aspects of the Proposed Strategic Business Plan that have not been approved by the Board, continue to operate on the basis of and implement the Approved Strategic Business Plan for the last quarter of the immediately preceding Fiscal Year (the “Default Strategic Business Plan”).
(b) If, as a result of any circumstance, the Board does not approve and adopt the Approved Operating Plan in full prior to the start of the relevant Fiscal Year then, following the start of such Fiscal Year, the Shareholders agree that the Company shall:
(i) implement all aspects of the Proposed Operating Plan that have been approved by the Board; and
(ii) in respect of any aspects of the Proposed Operating Plan that have not been approved by the Board, continue to operate on the basis of and implement the Approved Operating Plan for the last quarter of the immediately preceding Fiscal Year (the “Default Operating Plan”).
(c) Once a Proposed Strategic Business Plan or Proposed Operating Plan is approved and adopted in full by the Board, the Default Strategic Business Plan and / or the Default Operating Plan, as the case may be, shall cease to have any effect and shall no longer be implemented.