Payment Determination Date Clause Samples
The Payment Determination Date clause establishes the specific date on which the amount due for a payment obligation is calculated or confirmed. In practice, this clause sets a clear reference point for determining the sum owed, such as the last day of a billing cycle or a milestone completion date. By defining when payment amounts are assessed, the clause ensures both parties have a mutual understanding of when financial obligations are fixed, reducing disputes and providing certainty in financial transactions.
Payment Determination Date. “Payment Determination Date,” for purposes of determining when a payment resulting from a Compensated Termination must be made pursuant to Section 4(a), shall mean the effective date of the termination of the Executive’s employment with the Bank if such termination is a “Compensated Termination.”