Dual Calculation Method Clause Samples
The Dual Calculation Method clause establishes a framework for determining financial obligations or settlements by allowing two different calculation approaches, typically in the context of derivatives or financial contracts. In practice, this clause enables the parties to calculate amounts owed under both the 'First Method' and 'Second Method,' with the contract specifying which result will apply, often to ensure fairness or compliance with regulatory requirements. Its core function is to provide flexibility and clarity in calculating payments or settlements, thereby reducing disputes and accommodating varying legal or market standards.
Dual Calculation Method. Effective July 10, 2021, the City uses a “dual calculation method” of determining overtime compensation. When an employee is eligible for overtime compensation, the City calculates the overtime compensation required to be paid under this approved MOU without application of a required rate multiplier and the overtime compensation required to be paid under the FLSA. After comparing the two amounts, the City pays the employee the higher overtime compensation. If an employee receives compensatory time in lieu of overtime, the City will pay the premium portion of the overtime compensation, as calculated in accordance with the FLSA or this approved MOU, when the overtime is earned. The employee shall receive the base hour associated with the time worked in their compensatory time bucket. The employee may use the base hour for leave or may cash it out throughout the calendar year in which it is earned. At the end of the calendar year, the City will cash out any remaining balance in the employee’s compensatory time bucket on the last pay day of the calendar year.
Dual Calculation Method. City uses a “dual calculation method” to determine overtime compensation. When an employee is eligible for overtime compensation, the City calculates the overtime compensation required to be paid under this MOU and the overtime compensation required to be paid under the FLSA. After comparing the two amounts, the City pays the employee the higher overtime compensation.