Payment Duration Sample Clauses
The Payment Duration clause defines the specific timeframe within which payments must be made under the terms of an agreement. Typically, it sets out the number of days after receipt of an invoice or completion of services by which payment is due, such as requiring payment within 30 days. This clause ensures both parties are clear on payment expectations and helps prevent disputes or delays by establishing a mutually agreed-upon schedule for financial transactions.
Payment Duration. It shall be assumed that payments of the Discounted Vested Monthly Benefit will be made for two hundred and forty (240) months. Notwithstanding the foregoing in this subparagraph 6(d), Employee shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with Employee’s Separation From Service prior to age 65, to (i) be paid the lump sum cash payment on the basis of his Vested Monthly Benefit rather than the Discounted Vested Monthly Benefit (or based on his Discounted Vested Monthly Benefit but commencing at a later date if the payment date is prior to age 65), and/or (ii) to be paid in monthly payments rather than the lump-sum described above, provided (x) Employee makes such written election more than 12 months before Employee’s Separation From Service (y) such election is not effective for 12 months following the date the election is made, and (z) the first installment of the Monthly Benefit (or the lump sum payment as applicable) is paid no earlier than five years after the month next following the month of Employee’s Separation From Service (or if earlier, upon death or disability pursuant to subparagraphs 6(b) and 6(c), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and redeferral elections under Code Section 409A (including without limitation, IRS Notice 2005-1, Notice 2006-79, the Preamble to the final Section 409A treasury regulations, and Notice 2007-86), any election made on or before December 31, 2008 shall not be subject to the foregoing timing requirements. If monthly payments are elected, the Vested Monthly Benefit (or the Discounted Vested Monthly Benefit (if payment commences prior to age 65)) will be paid for two hundred and forty (240) months. If Employee dies before receiving all two hundred and forty (240) monthly payments specified herein, the Corporation shall pay to Employee’s Beneficiary the remaining unpaid monthly payments as they become due as provided above. If Employee dies after [his OR her] Separation From Service but prior to the date on which [he OR she] elected to receive payment, the Corporation shall pay to Employee’s Beneficiary the Discounted Vested Monthly Benefit or the Vested Monthly Benefit that Employee had otherwise elected to receive for two hundred and forty (240) months. The first such payment shall begin within thirty (30) days after Employee’s death.
Payment Duration. It shall be assumed that payments of the Vested Monthly Benefit will be made for two hundred and forty (240) months. Notwithstanding the foregoing in this subparagraph 6(a), Employee shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with a Separation From Service at or after age 65, to have his Vested Monthly Benefit paid in monthly payments rather than the lump-sum described above, provided (x) Employee makes such written election more than 12 months before Employee attains age 65 (y) such election is not effective for 12 months, and (z) the first installment of the Vested Monthly Benefit is paid five years after the month next following the month of such Separation From Service (or if earlier, upon death or disability pursuant to subparagraphs 6(b) and 6(c), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and redeferral elections under Code Section 409A (including without limitation, IRS Notice 2005-1, Notice 2006-79, the Preamble to the final Section 409A treasury regulations, and Notice 2007-86, any election made on or before December 31, 2008 shall not be subject to the foregoing timing requirements. If this election is made, the Vested Monthly Benefit will be paid for two hundred and forty (240) months. If Employee dies before receiving all two hundred and forty (240) monthly payments specified herein, the Corporation shall pay to Employee’s Beneficiary the remaining unpaid monthly payments as they become due as provided above.
Payment Duration. Southern payments continue as long as Eurobiotech's, subject to good faith negotiations regarding the impact of patent expirations, non-patent countries, competition, infringement, know-how and other issues. Foreign Taxes Payments to Southern shall be made through Eurobiotech U.S.A. and will not include deductions for foreign taxes (which not-for-profit U.S. corporations have no means of crediting or offsetting). Due Diligence Upon the definitive Agreement being signed the two parties shall prepare, within 90 days of the date of signing, a business development plan outlining the strategy, timing and implementation of steps to commercialize the technology. Retention of rights by Eurobiotech is contingent upon submission of a NDA to the FDA within four years of the effective date of the definitive Agreement.
Payment Duration a. The lease shall run for a period of ( ) months with effect as from the ( st) day of of the year two thousand and eleven (2011).
b. The Lessee shall pay the Lessors a monthly rent of (€ ) excluding VAT, which shall be payable every ( ) month in advance;
c. If applicable, any VAT and/or other taxes or duty payable or that may become payable on the rent shall be borne by the Lessee.
d. The said rent shall be paid without demand, and shall bear interest at the rate of eight per cent (8%) per annum in the event that any rent or other payment is left unpaid, such interest becoming due with effect from the date upon which said amount of rent or other payment shall be due for payment in terms of this Agreement until the date of effective payment.
e. One (1) month prior the expiry of this Agreement, the latter may be extended for any further periods of time that both parties to this Agreement deem appropriate. Failing any such agreement, no extension shall ensue, and such agreement shall be entered into in writing;
f. The Lessee confirms that he/she has been in Malta for a minimum period of 12 months prior the signing of this agreement;