Sellback Clause Samples
A Sellback clause allows one party, typically the buyer, to require the seller to repurchase goods or assets under specified conditions. This provision often outlines the timeframe, pricing mechanism, and circumstances—such as product defects or failure to meet performance standards—under which the sellback can be triggered. Its core function is to provide a remedy for the buyer if the purchased items do not meet agreed-upon criteria, thereby allocating risk and ensuring recourse in case of nonconformity.
Sellback. Any employee who has completed his/her initial probation, including rehire status may elect to exchange up to 60 hours of vacation or bonus leave (or any combination thereof) for up to 60 hours of gross salary, excluding overtime. Exchange of annual leave shall only be done at the first payday of each November. Employees shall submit their request for sellback by October 1st of each year. Exchange privileges apply only to accrued annual leave and/or bonus leave.
Sellback. Any employee who has completed his/her initial probation without a break in service in a Department position by the due dates listed below may elect to exchange up to 50 hours of vacation leave for up to 50 hours of gross salary, excluding overtime. The rate of pay will be the same as what is received if the employee were to work his/her regular shift. Sellback of vacation leave shall only be paid on the first payday of each November. Employees shall submit their request for sellback by October 1st of each year.
Sellback. A. Employees who does not use all of the personal leave accrued in a fiscal year, may be paid the difference between the amount used and the amount accrued for that fiscal year on an hour-for-hour basis. Leave hours transferred to deferred comp will count as leave time used during the fiscal year.
B. To receive such payment, the employee must make an irrevocable election prior to the beginning of the fiscal year during which the leave accrues. Payments will be made after the end of the fiscal year during which the leave accrues. For example, for leave accruing during fiscal year 2009-2010, the irrevocable election must be made on or before September 30, 2009. Payments for leave will be made after October 1, 2010, and in accordance with administrative procedures established by the City of Jacksonville.
C. This option is not available to an employee who would have less than eighty (80) hours of personal leave remaining after such payment. Such payments will be made on the first payday in December at the September 30 rate of pay.
Sellback. Any employee who has completed his/her initial probation, including rehire status may elect to exchange up to forty (40) hours of vacation or bonus leave (or any combination thereof) for up to forty
Sellback. An employee who does not use all of the personal leave accrued in a fiscal year may be paid for the difference between the amount accrued for that fiscal year and the amount used on a day for day or shift for shift basis.
Sellback. Non-probationary employees may elect to exchange up to 40 hours annual leave for up to 40 hours of gross salary, excluding overtime. Effective July 2008, employees will be allowed to exchange up to 60 hours. Exchange of annual leave shall only be done at the first payday of each November. Employees shall submit their request for sellback by October 1st of each year. Exchange privileges apply only to accrued annual leave and/or bonus leave.
Sellback. In the first pay period of November employees can elect per written request to sell twenty (20) hours of vacation time back to the county. Employees will need to have taken at least forty (40) hours of vacation time in the first three calendar quarters and must have completed their first six months of employment to be eligible for this sellback.
Sellback. Beginning with leave earned during FY 2008-2009, Aan employee who does not use all of the personal leave accrued in a fiscal year may be paid for the difference between the amount accrued for that fiscal year and the amount used on a day for day or shift for shift basis.
Sellback. Employees are allowed to sell back up to three (3) days of vacation or holiday time to be determined by December 1st of each year. Payment for such time will be provided in the December 20th payroll. Sellback is based on time to be earned the following calendar year ending December 31.