Payback Terms Sample Clauses
The Payback Terms clause defines the conditions and schedule under which borrowed funds or advanced payments must be repaid. Typically, it outlines the repayment period, installment amounts, interest rates if applicable, and any penalties for late payments. This clause ensures both parties are clear on the financial obligations and timelines, thereby reducing the risk of disputes and providing a structured framework for repayment.
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Payback Terms. If Employee elects to voluntarily terminate his employment with the Company within twelve (12) months of the date Employee receives the Relocation Payment, Employee shall repay the Company for 100% of the Relocation Payment. If Employee elects to voluntarily terminate his employment with the Company between twelve (12) and twenty-four (24) months after the date Employee receives the Relocation Payment, Employee shall repay the Company for 50% of the Relocation Payment. Subject to applicable law, any amounts owed by Employee to the Company under this Agreement may be deducted by the Company from any amounts, payments, wages or other sums owed to Employee (under this Agreement or otherwise) as of the date Employee terminates his employment with the Company (the “Separation Date”). In the event such deductions, if any, do not fully satisfy Employee’s obligations under this Agreement, Employee shall pay to the Company the balance of sums owed under this Agreement within thirty (30) days of the Separation Date.