Savings Sharing Program Sample Clauses
A Savings Sharing Program clause establishes a mechanism for distributing cost savings achieved during the performance of a contract between the contracting parties. Typically, if efficiencies or cost reductions are realized—such as through improved processes, bulk purchasing, or innovative solutions—the resulting savings are shared according to a predetermined formula or percentage split. This clause incentivizes both parties to seek out and implement cost-saving measures, aligning their interests and promoting collaboration to reduce overall project expenses.
Savings Sharing Program. An employee or groups of employees may be eligible for monetary awards for ideas or programs that result in a cost saving to the state, pursuant to section 110.1245(1), Florida Statutes.