Exchange for Perquisites Clause Samples
The "Exchange for Perquisites" clause defines the terms under which an employee or party may receive non-monetary benefits, such as company cars, housing, or club memberships, in lieu of or in addition to standard compensation. This clause typically outlines the types of perquisites available, eligibility criteria, and the process for electing or substituting these benefits. Its core function is to provide flexibility in compensation arrangements, allowing parties to tailor benefits to individual needs or preferences while ensuring clarity and consistency in how such exchanges are managed.
Exchange for Perquisites. An Employee who by agreement receives perquisites or accommodations in exchange for rendering standby or emergency duty in excess of the Employee's normal hours of work:
a. Will not earn overtime for rendering scheduled standby duty;
b. Will not earn overtime when called to perform emergency service during the Employee's scheduled hours of standby duty;
c. Will earn overtime for each hour of work when called to emergency duty on the Employee's scheduled day off.