Part Payments Sample Clauses
The Part Payments clause defines the terms under which a party may make payments in installments rather than as a single lump sum. Typically, this clause outlines the schedule, amounts, and conditions for each partial payment, and may specify consequences for missed or late payments. Its core practical function is to provide flexibility in fulfilling payment obligations, making it easier for parties to manage cash flow and reducing the risk of default by spreading out financial commitments over time.
Part Payments a. The daily rate and the formula for calculating the daily rate shall be defined as 1/195 of the current annual salary of the teacher.
b. A teacher shall be paid 1/10 of his/her current annual salary in respect of each month in which the teacher works all prescribed school days that month.
c. Whenever a salary deduction or adjustment is calculated on a daily basis it shall be on the basis of the appropriate daily rate of the teacher's existing annual salary at the time of absence.
d. For teachers commencing after the first day in the school year their first month's salary shall be calculated for days taught in the month in accordance with the appropriate daily rate. Each subsequent month shall be "on scale" as provided by the salary schedule.
e. For teachers leaving before the last teaching day in a month, adjustment for days absent in the month shall be made on the basis of the appropriate daily rate.
Part Payments. If you make a part prepayment we may decline to accept the part prepayment. We will decide whether or not to accept the part prepayment as soon as practicable after we receive that payment from you. If we do not accept the part prepayment we will refund it to you as soon as practicable. However if we decide to accept the part prepayment, that payment will only be applied at the times in the amounts in accordance with the specified schedule of payments set out in the Payment Details. This means that a part prepayment will not reduce the overall amount of interest you pay under this agreement.