Common use of Severance Provisions Clause in Contracts

Severance Provisions. The Company agrees that in the event of of one or more employees as a direct result of contracting out, technological change or relocation closure of all or part of the operations, the Company will pay an enhancement of one week for each week of entitlement (based on Employment Standards legislation as of December 1991) pro- vided for in the Employment Standards Legislation. In accepting any severance payment, the employee relinquishes any and all rights and entitlements due him under the terms of the collective agreement, but he will not relinquish any vested rights under the terms of the retirement plan.

Severance Provisions. The Company agrees that in the event of of one or more employees as a direct result of contracting out, technological change or relocation closure of all or part of the ▇▇▇▇▇▇▇▇ operations, the Company will pay an enhancement of one week for each week of entitlement (based on Employment Standards legislation as of December 1991) pro- vided for in the Employment Standards Legislation. In accepting any severance payment, the employee relinquishes any and all rights and entitlements due him under the terms of the collective agreement, but he will not relinquish any vested rights under the terms of the retirement plan.