Reserve Guarantee Clause Samples
A Reserve Guarantee clause establishes a party's obligation to maintain a specified financial reserve or to guarantee the adequacy of such reserves for certain liabilities or obligations. In practice, this clause may require a company to set aside funds or secure a third-party guarantee to cover potential losses, claims, or future expenses, such as environmental remediation or warranty claims. Its core function is to provide assurance to the other party that sufficient resources will be available to meet specific obligations, thereby reducing financial risk and enhancing trust in the contractual relationship.
Reserve Guarantee. 1. Flight attendants and ISMs on Reserve status for a full calendar month will be paid all compensation actually earned or the value of eighty-three hours (83:00) at the applicable base hourly rate, whichever is greater. The monthly guarantee for Reserve ISMs will be calculated at their ISM rate plus $2.00 to include the ISM override. The monthly guarantee for Reserve language speakers will be calculated at their flight attendant rate plus $2.50 to include their language speaker override.
2. The monthly guarantee for Reserve flight attendants and Reserve ISMs will be reduced by four hours (4:00) for each day the Reserve is unavailable for duty.
Reserve Guarantee. 1. Except as provided in this Agreement, a reserve Flight Attendant shall receive a Minimum Monthly Guarantee of eighty (80) hours for each bid period. The guarantee for a Reserve Flight Attendant will be reduced by 4hours for each day or portion of a day the reserve is unavailable for duty.
2. A Reserve Flight Attendant who calls out sick for a reserve period, including Airport Ready Reserve or any other reserve assignment will be paid and credited with the prorated Minimum Monthly Guarantee per day missed from her/his sick leave bank. A Reserve Flight Attendant who calls out sick for a portion of the day on which she/he operated a flight will be paid and credited with the prorated Minimum Monthly Guarantee per day missed or the actual block time, whichever is greater.