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.
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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.
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Related to Dual Calculation Method

  • Balance Computation Method For all accounts, dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day. Dividends will begin to accrue on the business day you deposit non-cash items (e.g., checks) to your account if deposited before the close of business. If you close any of your dividend earning accounts before dividends are credited you may not receive the accrued dividends up to the date of account closure.

  • Allocation Method (Choose one of a. or b.): a. [ ] All the same. Using the same allocation method as applies to the Signatory Employer under this Election 28. b. [ ] At least one different. Under the following allocation method(s): .

  • Payment Calculation District shall pay Contractor at a rate of $ per . District shall pay Contractor as described in attached Exhibit A

  • Billing Method 2.6.1 To receive payment for services rendered pursuant to this contract the Contractor shall submit a fully completed invoice for work previously performed to: 2.6.2 At a minimum, the invoice shall detail the following information: 2.6.2.1 Unique invoice number; 2.6.2.2 Contractor’s name, address, and telephone number; 2.6.2.3 Date of invoice and/or billing period; 2.6.2.4 Applicable Contract No.;

  • Payment Methodology The Grantee shall be reimbursed for actual, reasonable, and necessary costs based upon the Grant Budget, not to exceed the Maximum Liability established in Section 1. Upon progress toward the completion of the Scope, as described in Section A of this Grant Contract, the Grantee shall submit invoices prior to any reimbursement of allowable costs.