FOP SECURITY Sample Clauses
The FOP SECURITY clause establishes a security interest in financial assets that are transferred on a 'free of payment' (FOP) basis, meaning the transfer occurs without simultaneous payment. In practice, this clause typically applies to securities or other financial instruments that are delivered to a secured party without immediate cash settlement, often as collateral for a loan or other obligation. Its core function is to ensure that the secured party retains a legal claim over the assets even though payment is not exchanged at the time of transfer, thereby mitigating the risk of non-payment or default by the counterparty.
FOP SECURITY. Section 3.1 The Employer agrees to deduct FOP membership dues, fees, and assessments in accordance with this Article for all employees eligible for the bargaining unit.
Section 3.2 The Employer agrees to deduct FOP membership dues once each pay period, twice a month, from the pay of any eligible employee in the bargaining unit upon receiving written authorization signed individually and voluntarily by the employee. The signed payroll deduction form must be presented to the Employer by the employee or his/her designee. Upon receipt of the proper authorization, the Employer will deduct FOP dues from the payroll check for the next pay period in which dues are normally deducted following the pay period in which the authorization was received by the Employer.
Section 3.3 The parties agree that the Employer assumes no obligations, financial or otherwise, arising out of the provisions of this Article regarding the deduction of FOP dues, fees, and/or assessments. The FOP hereby agrees that it will indemnify and hold the Employer harmless from any claims, actions or proceedings by any employee arising from deduction made by the Employer pursuant to this Article.
Section 3.4 The Employer shall be relieved from making such individual “check-off” deductions upon an employee’s: (1) termination of employment; (2) transfer to a job other than one covered by the bargaining unit; (3) layoff from work; (4) an unpaid leave of absence; (5) revocation of the check-off authorization; or (6) resignation by the employee from the FOP.
Section 3.5 The Employer shall not be obligated to make dues deductions from any employee who, during any pay periods involved, shall have failed to receive sufficient wages to make all legally required deductions in addition to the deduction of FOP dues.
Section 3.6 The parties agree that neither the employees nor the FOP shall have a claim against the Employer for errors in the processing of deductions, unless a claim or error is made to the Employer in writing within sixty (60) days after the date of such an error is claimed to have occurred. If it is found that an error was made, it will be corrected at the next pay period that the FOP dues deduction would normally be made by deducting the proper amount.
Section 3.7 The rate of which dues are to be deducted shall be certified to the Employer or designee by the FOP during January of each year. One (1) month advance notice must be given the Employer or designee prior to making any changes in an ind...
FOP SECURITY. Section 1. All employees covered by this Agreement who are members of the FOP at the time this Agreement is ratified or who hereafter become members during the term of this Agreement must retain their membership in the FOP for the duration of this Agreement, in accordance with the qualifications noted in this paragraph, by offering to pay regular monthly dues and initiation fees assessed against all members of the FOP. Any member may resign from the FOP effective January 1 or July 1, in accordance with the noted requirements of N.J.S.A. 52:14-15.9e. In the event the member fails to notify the City on January 1 or July 1, of any year to cease dues deductions, such deductions shall continue for six (6) month periods thereafter. Notice of withdrawal must be submitted by the employee to the City and the FOP in writing.
Section 2. The FOP agrees that it will indemnify and save harmless the City of Newark against any and all actions, claims, demands, losses, or expenses in any matter resulting from action taken by the City of Newark at the request of the FOP under this Article.
Section 3. Subject to the provisions of N.J.S.A. 52:14-15.9e, upon the written authorization by an employee covered by this Agreement, the City agrees to deduct twice each month from the salary of each employee the sum certified as FOP dues and forward the sum to the FOP Treasurer and/or any other duly authorized officer. Effective January 1, 1993, employees represented by this collective bargaining unit may only request payroll deduction for the payment of dues to no other labor organization than the duly certified majority representative. Existing written authorizations for payment of dues to any other labor organization shall be terminated. It is understood and agreed between the parties herein that this provision does not apply to any other voluntary employee organization. It is further understood that the continued applicability of this provision shall be determined by PERC Docket No. CO-95-160.
Section 4. Beginning thirty (30) days after agreement on this contract, all eligible nonmember employees in this unit will be required to pay to the majority representative a representation fee in lieu of dues for services rendered by the majority representative. Nothing herein shall be deemed to require an employee to become a member of the majority representative. Prior to the beginning of each contract year, the FOP will notify the city in writing of the amount of regular membership dues, ...
FOP SECURITY