Payment Regulations Clause Samples
The Payment Regulations clause establishes the rules and procedures governing how and when payments are to be made under an agreement. It typically outlines acceptable payment methods, due dates, invoicing requirements, and any penalties for late payments. By clearly defining these terms, the clause helps ensure timely and accurate financial transactions between parties, reducing the risk of disputes and misunderstandings related to payment obligations.
Payment Regulations a. Employees may elect either electronic bank deposit or an electronic pay card to receive their salary payments. Salary payments will be issued on the first SPS business day of each month. One-twelfth (1/12) of an employee’s annual salary will be paid on the first SPS business day of October and each of the following eleven months. SPS will support staff transition to electronic pay cards during the 2022-2023 school year.
b. Employees will be fully compensated for summer program work through additional summer payments in the months of July, August, and September.
c. For individuals hired after the beginning of the work year, the salary payments will be paid pro rata for the remaining payments for that work year.
d. Pro rata payments for changes of salary, special assignment payrolls, and requests for special payments that are received in Payroll Services on or before the 15th of the month will be processed with the first subsequent monthly payroll and paid on the first SPS business day of the month.
Payment Regulations a. One-twelfth (1/12) of the annual salary of the employee shall be paid on the first duty day of October and of each succeeding month. If individual contracts corrected on the basis of credits submitted are issued subsequent to 10/01, the corrected salary shall be paid pro rata for the remaining payments for that school year. If the regularly scheduled payment day occurs when employees are not on duty, warrants will be distributed to the employees on the first SPS business day of the month.
b. Summer payments of the annual salary shall be mailed to the employee on the first SPS business day of the month.
c. Special summer payments to pay employees for work in the summer programs shall be made once each in the months of July, August, and September.
d. Pro rata payments for changes of salary, special assignment payrolls, and requests for special payments that are received in Payroll Services on or before the 15th of the month will be processed with the first subsequent monthly payroll and paid on the first SPS business day of the month.
Payment Regulations. New sentence added at the end of second subparagraph of paragraph 5 of section 9:
Payment Regulations. A new, fourth paragraph under Subsection 1 Determination of wages of Section 9 Payment regulations of the collective agreement shall read: Alternatively, the small companies model (Attachment 10) may be applied when the relevant conditions are met. The second paragraph of Subsection 5 Payment of salary of Section 9 On termination of the employment relationship, the final salary payment shall be payable on the 10th calendar day after the end of the employment relationship provided that the employee has provided all details necessary for making the payment. The employer and shop steward may agree locally on a different date for the final salary payment in accordance with Section 18 of the collective agreement.
Payment Regulations