Plan and Payment Formula Sample Clauses
The Plan and Payment Formula clause defines how payments will be calculated and scheduled under the agreement. It typically outlines the method for determining payment amounts, such as fixed fees, hourly rates, or milestone-based payments, and specifies when payments are due, such as upon completion of certain tasks or at regular intervals. This clause ensures both parties have a clear understanding of financial obligations and timelines, reducing the risk of disputes over payment terms.
Plan and Payment Formula. (a) Three Over Four
Plan and Payment Formula. (a) During each of the first three (3) years of a four year Plan, the teacher shall receive seventy-five percent (75%) of the teacher’s annual salary. The remaining twenty-five percent (25%) of salary shall be held in trust, by the Board, for the teacher in a mutually agreed upon type of account. The twenty- five percent (25%) of salary for each of the three (3) years, plus all accrued interest, shall be paid to the teacher during the leave year of the Plan; OR
(b) During each of the first four (4) years of a five year Plan, the teacher shall receive eighty percent (80%) of his or her annual salary. The remaining twenty percent (20%) of salary shall be held in trust, by the Board, for the teacher in a mutually agreed upon type of account. The twenty percent (20%) of salary for each of the four (4) years, plus all accrued interest, shall be paid to the teacher during the leave year of the Plan; OR
(c) any other mutually agreeable arrangement.
Plan and Payment Formula. (a) During each of the first three (3) years of a four (4) year Plan, the teacher shall receive seventy-five percent (75%) of the teacher’s annual salary. The remaining twenty-five percent (25%) of salary shall be held in trust, by the Board, for the teacher in a mutually agreed upon type of account. The twenty- five percent (25%) of salary for each of the three
Plan and Payment Formula. (a) During each of the first three (3) years of a four year Plan, the teacher shall receive seventy-five percent (75%) of the teacher’s annual salary. The remaining twenty-five percent (25%) of salary shall be held in trust, by the Board, for the teacher in a mutually agreed upon type of account. The twenty- five percent (25%) of salary for each of the three (3) years, plus all accrued interest, shall be paid to the teacher during the leave year of the Plan;
(b) During each of the first four (4) years of a five year Plan, the teacher shall receive eighty percent (80%) of his or her annual salary. The remaining twenty percent (20%) of salary shall be held in trust, by the Board, for the teacher in a mutually agreed upon type of account. The twenty percent (20%) of salary for each of the four (4) years, plus all accrued interest, shall be paid to the teacher during the leave year of the Plan;
(c) any other mutually agreeable arrangement. 4 Payments shall be made on the regular schedule of twenty-six (26) pays annually or in two lump sum payments of forty (40) percent in September and sixty (60) percent in January. The method of payment (regular or lump sum payments) shall be by teacher choice for Article 8.11.3 (a) and (b) and by mutual agreement for Article 8.11.3 (c). 5 A teacher on leave shall, subject to continuing eligibility, be responsible for benefit plans in Article 7 (Benefits), unless the teacher elects in writing not to continue to participate in the said plan or plans while on leave, and the said plan or plans permit such withdrawal.