Minimum and Maximum Payroll Reporting Limits Sample Clauses
The Minimum and Maximum Payroll Reporting Limits clause sets boundaries on the amount of payroll that must be reported for insurance or contractual purposes. It establishes a floor and a ceiling for payroll figures, meaning that even if actual payroll falls below the minimum or exceeds the maximum, only the specified limits are used for calculations such as premium assessments. This clause ensures predictability and fairness in reporting, preventing underreporting or overexposure to risk by capping the payroll figures used in determining obligations.
Minimum and Maximum Payroll Reporting Limits. Employer and Administrator mutually agree the minimum and maximum payroll reporting limits for premiums to be collected under this Contract will be 50 percent and 150 percent respectively, of the SAWW in the year the premium is due, per week of coverage under this Contract, per Apprentice.