Performance Bond Amounts Clause Samples

Performance Bond Amounts. The Performance Bond provided for in the Agreement shall be $3,000.00 and shall be deducted from the Compensation at the rate of $300.00 per pay period. The deduction set forth in the above paragraph will commence with the first full week of work and shall apply for the entire pay period during which the Agreement is terminated for any reason. Should this Agreement terminate before the Performance Bond Amount is fully paid up, the Company is entitled to deduct the full Performance Bond Amount from earnings otherwise owing to the Owner/Operator. Interest shall be calculated and credited to the Owner/Operator at a rate equal to the rate of interest that would have been paid by the Canadian Imperial Bank of Commerce had such monies been deposited in an ordinary savings account at the Branch for the relevant period of time.