Payout Of Clause Samples
The "Payout Of" clause defines the specific conditions and mechanisms under which payments are to be made from one party to another under the agreement. Typically, this clause outlines the triggers for payment, such as the completion of certain milestones, delivery of goods or services, or the occurrence of specified events. For example, it may state that payment is due upon receipt of an invoice or after successful project completion. The core function of this clause is to ensure both parties have a clear understanding of when and how payments will be executed, thereby reducing the risk of disputes and ensuring timely financial transactions.
Payout Of. An employee entitled to sick leave under this Article shall receive forty percent (40%) of his unused accumulated sick leave upon:
(a) Retirement on or after the attainment of the minimum retirement age in conformity with the Municipal Superannuation Act of B.C., whichever shall last occur, or
(b) Retirement with a permanent disability entitling the employee to superannuation, or
(c) Death of an employee while in the service of the Board, payable to the employee's estate, or
(d) Severance, with five (5) or more years of seniority, as a payout of accumulated sick leave credits. This clause does not apply to employees dismissed for just cause.
Payout Of. An employee entitled to sick leave under this Article shall receive forty percent (40%) of his unused accumulated sick leave upon: Retirement on or after the attainment of the minimum retirement age in conformity with the Municipal Superannuation Act of whichever shall last occur, or Retirement with a permanent disability entitling the employee to superannuation, or Death of an employee while in the service of the Board, payable to the employee's estate, or Severance, with five (5) or more years of seniority, as a payout of accumulated sick leave credits. This clause does not apply to employees dismissed for just cause. A record of all accumulated sick leave credits will appear on the employee's pay slip. Upon request, a printed copy of the accumulated sick leave credits will be provided to the Union.