FLAT FEE INCENTIVE PROGRAM Sample Clauses
The Flat Fee Incentive Program clause establishes a fixed payment structure that rewards a party for achieving specific goals or milestones, rather than compensating based on time or materials. In practice, this clause outlines the criteria for earning the incentive, such as completing a project ahead of schedule or meeting certain performance benchmarks, and specifies the flat amount to be paid upon fulfillment. Its core function is to motivate efficient and high-quality performance by providing a clear, predetermined financial reward, thereby aligning the interests of both parties and reducing disputes over compensation.
FLAT FEE INCENTIVE PROGRAM. General Guidelines
FLAT FEE INCENTIVE PROGRAM. 1. This Flat Fee Incentive Program (FFIP) is limited to Fowlerville Education Association members who are employed by Fowlerville Community Schools and who meet the eligibility requirements set forth below.
2. To be eligible for the FFIP an employee must:
A. Be an employee with at least five (5) years of service in this school district.
B. Be actively employed by the Fowlerville Community Schools in good standing and cannot be on layoff or on leave .of absence.
3. The employee must submit his/her written notification of intention to resign at the end of the current school year, and a fully executed ▇▇▇▇▇▇ and Release of Claim, a copy of which is attached, to the Superintendent's office by 4:00 p .m., sixty (60) days prior to the effective date of the resignation.
4. The School Board shall not take action to accept the resignation until the next regular School Board meeting. Employees who apply for the FFIP may withdraw their resignation by providing a written notice to the superintendent's office, at any time prior to formal Board approval. If the employee does not withdraw his/her resignation by the date of Board action, such resignation shall become irrevocable.
5. In consideration of the Employee's resignation, the Fowlerville Community Schools Board shall provide the following: Twelve (12) equal monthly payments of the total due will be made on or about the first day of each month beginning on September 1, of the year the employee resigns thereafter until paid in full. These payments are in addition to any other benefits provided under the collective bargaining agreement between the Fowlerville Community schools and the Michigan Education MEA/NEA, Support Personnel Association.
6. It is expressly understood that the payments are subject to applicable state and federal withholding taxes. Therefore, it is strongly recommended that the employee consult with an attorney or other tax advisor to determine the tax consequences. It is further understood that the Fowlerville Community Schools and the Support Personnel Association makes no representations as to the tax consequences or liabilities that may occur as a result of an employee selecting the flat fee incentive program. FLAT FEE INCENTIVE SCHEDULE Secretaries will receive credit for each year of service according to the following schedule: Fowlerville. $436.00 for every year employed as a secretary in another school district. Total Incentive payment shall not exceed $8,400.00 •. Assistants will receive ...
FLAT FEE INCENTIVE PROGRAM