Increase Threshold Sample Clauses
The Increase Threshold clause sets a specific limit or benchmark that must be surpassed before certain actions or obligations are triggered within an agreement. For example, it may require that a party's liability, payment, or performance only comes into effect if losses, claims, or costs exceed a predetermined amount. This mechanism helps to prevent minor or insignificant issues from activating contractual duties, thereby focusing attention and resources on more substantial matters and reducing administrative burdens for both parties.
Increase Threshold. 1.3.1 A wage threshold of 40% above any minimum prescribed hourly rate of pay is implemented as from the first full pay week in May 2023, provided that the employee who is already earning a wage above the threshold will only receive the across the board increase minus 1.5%.
1.3.2 In the event that an employee earns above the threshold if the full across the board increase is to be awarded, such employee may not be awarded the full across the board increase, but shall receive an increase up to the threshold or the across the board increase minus 1.5%, whichever is the greater.