Prorating Factor Sample Clauses
A Prorating Factor clause defines how payments, benefits, or obligations are adjusted proportionally based on the actual period of service or usage, rather than applying a full amount regardless of timing. For example, if a contract is terminated partway through a billing cycle, the prorating factor determines the exact amount owed by calculating the fraction of the period that has elapsed. This clause ensures fairness and accuracy in financial settlements by aligning payments or entitlements with the actual time or extent of performance, thereby preventing overpayment or underpayment when circumstances change.
Prorating Factor. In prorating a leave under Articles 33:02 and 33:03, the factor used shall be determined by totalling the number of regularly scheduled hours the employee has worked in the preceding eight (8) weeks and dividing by three hundred twenty (320) (two hundred ninety [290]), i.e. eight (8) hours x eight (8) weeks x five (5) days: Prorating factor = Number of regularly scheduled hours the employee worked in the preceding eight (8) weeks 320 (290)
Prorating Factor. 41.01 Where the term prorating factor is used in this Collective Agreement, it shall be calculated as follows:
(a) Any hours in the preceding two (2) full biweekly pay periods ÷ 160 (e.g. holiday calculation):
(i) holiday shall be deemed to fall in the third full biweekly pay period;
(ii) calculate any hours worked in the preceding two (2) full biweekly pay periods;
(iii) divide number arrived at in (ii) by one hundred and sixty (160);
(iv) multiply eight (8) hours times the prorating factor arrived at in (iii) to determine the employee’s entitlement.
(b) For the purpose of this article, any hours worked shall be regular hours exclusive of overtime hours worked.
Prorating Factor. The Prorating Factor is the proportion of the Segment Term that has passed and is calculated using the following formula: Number of days elapsed in the Segment Term Total number of days in the Segment Term The Index Credit is the Index Change after application of the Cap Rate or Buffer. The Index Credit can be negative. If the Index Change is greater than or equal to zero, then the Index Credit is equal to the lesser of the Index Change and the Cap Rate. If the Index Change is less than zero, then the Index Credit is equal to the lesser of zero and the Index Change offset by the Buffer. The Index Credit for the Segment Term is recalculated daily based on the Index Change, Prorating Factor, Cap Rate, and Buffer. Each Indexed Segment will have an associated value which will be calculated as follows: