First Partial Year Clause Samples
The "First Partial Year" clause defines how certain terms, such as fees, obligations, or performance metrics, are calculated when an agreement begins partway through a calendar or fiscal year. Typically, this clause stipulates that any annual amounts or requirements are prorated based on the actual number of days or months the agreement is in effect during that initial period. For example, if a contract starts in April, only a portion of the annual fee would be due for the remainder of that year. This clause ensures fairness and accuracy in applying annual terms to partial-year periods, preventing overcharging or under-delivery when the contract does not cover a full year.
First Partial Year. During the first partial year of service, an employee who has completed the probationary period shall be entitled, subject to the vacation schedule, to take any earned vacation prior to December 31st.
First Partial Year. “First Partial Year” shall have the meaning set forth in Section 4.1.1 of this Lease Agreement
First Partial Year. “First Partial Year” shall mean that portion of the calendar year commencing on the Rent Commencement Date and ending December 31 of the year in which the Rental Commencement Date falls.