Common use of Interest Penalties for Retroactive Payments Clause in Contracts

Interest Penalties for Retroactive Payments. If retroactive payments are required as a result of any settlement (i.e., GRB, JCC, JCT, reclassification) the Company will endeavour to make payments within sixty (60) days of the signing of the settlement. If these payments are not made within sixty (60) days, the Company agrees to pay interest on the outstanding amounts as of the 61st day to the employees at a rate of two percent (2%) above prime. For each further delay of thirty (30) days, the interest rate will increase by an additional two percent (2%). Exceptions will be jointly agreed to by the parties.

Interest Penalties for Retroactive Payments. If retroactive payments are required as a result of any settlement (i.e., GRB, JCC, JCTarbitration, reclassification) ), the Company company will endeavour to make payments within sixty (60) days of the signing of the settlement. If these payments are not made within sixty (60) days, the Company company agrees to pay interest on the outstanding amounts as of the 61st day to the employees at a rate of two percent (2%) % above prime. For each further delay of thirty (30) 30 days, the interest rate will increase by an additional two percent (2%). Exceptions will be jointly agreed to by the parties.

Interest Penalties for Retroactive Payments. If retroactive payments are required as a result of any settlement (i.e., GRB, JCC, JCT, reclassification) the Company will endeavour en deavour to make payments within sixty (60) days of the signing of the settlement. If these payments are not made within sixty (60) days, the Company agrees to pay interest on the outstanding amounts as of the 61st day to the employees at a rate of two percent (2%) above prime. For each further delay of thirty (30) days, the interest intere st rate will increase by an additional two percent (2%). Exceptions will be jointly agreed to by the parties.

Interest Penalties for Retroactive Payments. If retroactive payments are required as a result of any settlement (i.e., GRB, JCC, JCTarbitration, reclassification) ), the Company company will endeavour to make payments within sixty (60) days of the signing of the settlement. If these payments are not made within sixty (60) days, the Company company agrees to pay interest on the outstanding amounts as of the 61st day to the employees at a rate of two percent (2%) above prime. For each further delay of thirty (30) days, the interest rate will increase by an additional two percent (2%). Exceptions will be jointly agreed to by the parties.

Interest Penalties for Retroactive Payments. If retroactive payments are required as a result of any settlement (i.e., GRB, JCC, JCT, reclassification) the Company Employer will endeavour to make payments within sixty (60) days of the signing of the settlement. If these payments are not made within sixty (60) days, the Company Employer agrees to pay interest on the outstanding amounts as of the 61st day to the employees at a rate of two percent (2%) above prime. For each further delay of thirty (30) days, the interest rate will increase by an additional two percent (2%). Exceptions will be jointly agreed to by the parties.