IOD Sample Clauses
The IOD (Insurance of the Day) clause establishes the specific point in time when the risk of loss or damage to goods transfers from the seller to the buyer, typically in shipping or sales contracts. In practice, this clause identifies the exact date and time—such as when goods are loaded onto a vessel or delivered to a carrier—at which the buyer becomes responsible for insuring the goods. By clearly defining this moment, the IOD clause ensures both parties understand their respective insurance obligations, thereby preventing disputes over liability in the event of loss or damage during transit.
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IOD. Any Lieutenant absent from work on account of an IOD for any period of time not exceeding twelve (12) months shall receive for each such IOD full pay and benefits for the period of absence, provided such injury or illness is certified by the Medical Administrator. Such certification shall not be unreasonably withheld. Lieutenants who have exhausted said twelve (12) month paid IOD leave shall be given the option to go voluntarily on non-paid medical leave instead of disability pension, provided as follows:
IOD. Any Captain absent from work on account of an IOD for any period of time not exceeding twelve (12) months shall receive for each such IOD full pay and benefits for the period of absence, provided such injury or illness is certified by the Medical Administrator. Such certification shall not be unreasonably withheld. Captains who have exhausted said twelve (12) month paid IOD leave shall be given the option to go voluntarily on non-paid medical leave instead of disability pension, provided as follows:
A. The Captain must exhaust all furlough, personal days, Baby ▇▇▇▇▇▇▇▇ Days and accumulated compensatory time;
B. Such non-paid leave shall continue for no more than three (3) months, plus an extension of no more than three (3) months, and shall not be granted or extended, unless the Employer determines that the Captain is likely to return to duty within the period of the leave or extension thereof; and
C. Such non-paid leave shall be subject to Section 23.1(B) and shall not be deemed duty disability leave.