Severance Costs Clause Samples
The Severance Costs clause defines the responsibilities and procedures for handling expenses related to terminating employees, such as severance pay, benefits continuation, or outplacement services. Typically, this clause specifies which party is responsible for these costs in the event of layoffs, restructuring, or contract termination, and may outline the calculation method or limits for such payments. Its core function is to allocate financial responsibility for employee severance, thereby reducing disputes and ensuring both parties understand their obligations in workforce reduction scenarios.
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Severance Costs. In the event that Services Recipient terminates this Agreement or any Statement of Work, or any part of the foregoing, for convenience pursuant to this Section 25.3, Services Recipient shall pay to Service Provider the severance costs incurred by Service Provider for terminating any employees of Service Provider who were employed for the purpose of fulfilling Service Provider’s obligation to provide Services under this Agreement as a result of such termination of this Agreement, any Statement of Work, or any part of the foregoing by Services Recipient. Such payment of severance costs shall not be required in the event that Service Provider elects to reduce its staff due to a reduction, but not termination of, Services Recipient’s requirements for the level of any particular Service required by Services Recipient.
Severance Costs. All severance obligations and other costs of terminating employees wherever located resulting from any termination or cessation of employment occurring on or prior to the Closing Date, from whatever source such obligations and costs arise, including, without limitation, contractual obligations, notices to employees, employment manuals, course of dealings, past practices, obligations relating to Section 2806 or 4999 of the Code, or otherwise.
Severance Costs. To the extent the employment of any employee of the Seller Parties who would have been a Transferred Employee if his or her employment was transferred to the Company pursuant to Section 2.04 is terminated between the date hereof and the Closing, any cost in connection with such termination will be allocated to the Company pursuant to the Separation Agreement. To the extent that the Company terminates any Transferred Employee on or after the Closing, the Company will pay all severance and benefits costs incurred in connection with the termination of such Transferred Employee.
Severance Costs. Upon the termination of services provided by Customer Care, REI will reimburse Resources for the actual costs of severance incurred under a previously approved severance plan for personnel (i) who were hired by Customer Care from REI pursuant to this Agreement, (ii) who are terminated by Resources within 60 days after Customer Care terminates its services for REI (other than employees who are terminated during such period due to death, disability or cause) and (iii) who are not employed by a member of the REI Group within 30 days after their separation from the Resources Group. No severance costs shall be payable with respect to any personnel hired by any member of the Resources Group from REI other than personnel hired by Customer Care to perform services under this Section 3 of this Agreement. Nor shall REI be responsible for severance costs related to personnel initially hired by Customer Care from REI but who subsequently are transferred to employment by another member of the Resources Group prior to their termination from Resources.
Severance Costs. In addition to the Purchase Price, Buyer shall pay to SCE, SCE’s good faith estimate of the cost of SCE’s Severance Activities with respect to the Facilities, which the parties agree is equal to a total amount of $45,685 (“Severance Costs”). Buyer shall pay the Severance Costs in one installment, as invoiced by SCE.
Severance Costs. Prior to the Closing, the Company shall terminate all employees of the Company and pay all severance, accrued compensation and other amounts owed to such terminated employees in connection with such termination of employment (other than any amounts owed to such terminated employees with respect to Company Stock or Company Options or pursuant to the Bonus Plans or amounts set forth on Section 3.7 of the Company Disclosure Schedule).
Severance Costs. From and after the Closing Date, Seller shall be solely responsible for and shall indemnify Buyer and the Acquired Companies from and against any liabilities or obligations relating to the Severance Costs.
Severance Costs. All Severance Costs not included in the Final Working Capital Schedule or otherwise paid at or prior to the Closing shall be treated as Closing Date Indebtedness and shall be set forth in detail in the Closing Date Indebtedness Statement unless otherwise mutually agreed to by the Parties.
Severance Costs. Except as provided in Section 2.3(e), any and all severance Claims, liabilities or obligations of Seller and other costs of terminating employees wherever located resulting from any termination or cessation of employment occurring on or prior to the Closing Date, from whatever source such obligations and costs arise, including, without limitation, contractual obligations, Employee Benefit Plan obligations, notices to employees, employment manuals, course of dealings, past practices, obligations relating to Section 280G or 4999 of the Code, or otherwise.
Severance Costs. All Severance Costs shall be treated as Closing Date Indebtedness and shall be set forth in detail in the Closing Date Indebtedness Statement. The Seller shall administratively effect the timely payment of all Severance Costs to the employees in accordance with its human resource policies and applicable Laws.