Pay Guarantees Sample Clauses
The Pay Guarantees clause establishes a party's obligation to ensure payment is made to another party, often by providing a financial guarantee or security. In practice, this may involve a third-party guarantor, such as a bank, issuing a guarantee that payment will be made if the primary payer defaults, or requiring the provision of a letter of credit. The core function of this clause is to protect the recipient from non-payment risk, thereby increasing confidence in the transaction and ensuring financial obligations are met.
Pay Guarantees. 1. A Pilot’s Monthly Pay Guarantee (“MPG”) per Month shall be sixty-five (65) PCH.
2. A Pilot’s Daily Pay Guarantee (“DPG”) per Workday shall be 3.82 PCH. When a Pilot is scheduled for a single Duty Period that overlaps two (2) Days, it shall constitute one (1) Workday. Furthermore, when a Pilot is scheduled for two (2) separate Duty Periods, all or part of which occur in the same Day, this shall constitute two (2)
Pay Guarantees. An employee reporting for work when scheduled who does not commence duties shall receive two (2) hours’ straight-time pay. An employee commencing work on her regular shift shall be paid her regular rate of pay for the entire period of work, with a minimum of four (4) hours’ pay.
Pay Guarantees