Termination Payoff Clause Samples

The Termination Payoff clause defines the financial obligations that arise when a contract is ended before its scheduled completion. Typically, it specifies the amount or method for calculating the payment due from one party to another upon termination, which may include outstanding balances, penalties, or compensation for losses. This clause ensures that both parties understand the financial consequences of early termination, thereby reducing disputes and providing a clear mechanism for settling accounts if the agreement is ended prematurely.
Termination Payoff. Upon termination of County employment with more than six (6) months of service an employee shall be paid for all accrued and unused vacation and compensatory time at his or her final base hourly rate of pay. The termination payoff shall be based on the base (excluding shift differential or other forms of premium pay) hourly rate of pay as of the last day of work. Employees may not elect to extend employment beyond the last day of work by using accumulated leave.
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Termination Payoff. Upon termination, unused floating holidays shall be paid at a straight-time rate so that the total of unused floating holidays to be paid off and floating holidays used by the employee shall not exceed two (2) standard workdays if the termination occurs between July 1 and December 31 or four (4) standard workdays if the termination occurs between January 1 and June 30.
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Termination Payoff. Upon termination of City employment with more than six (6) months of service 1. The termination payoff shall be based on the employee’s base hourly rate of pay as of the last day of work. Employees may not elect to extend employment beyond the last day of work by using accumulated leave.
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Termination Payoff. The Employer agrees that any Local 127 terminated employee shall be paid in full at the next regularly scheduled payroll date. Travelers will be paid off at the time of lay off.
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Termination Payoff. The Employer agrees that any terminated employee shall be paid in full at the next regularly scheduled payroll date.
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Termination Payoff. Upon termination of employment, an employee with more than six (6) months of service with the County shall be paid for all accrued PDO at the employee's regular rate of pay including premiums but excluding non-pay items such as clothing allowance.
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Related to Termination Payoff

  • Termination Payment The final payment delivered to the Certificateholders on the Termination Date pursuant to the procedures set forth in Section 9.01(b).

  • Termination Pay Effective upon the termination of this Agreement, the Employer will be obligated to pay the Executive (or, in the event of his death, his designated beneficiary as defined below) only such compensation as is provided in this Section 6.5, and in lieu of all other amounts and in settlement and complete release of all claims the Executive may have against the Employer. For purposes of this Section 6.5, the Executive's designated beneficiary will be such individual beneficiary or trust, located at such address, as the Executive may designate by notice to the Employer from time to time or, if the Executive fails to give notice to the Employer of such a beneficiary, the Executive's estate. Notwithstanding the preceding sentence, the Employer will have no duty, in any circumstances, to attempt to open an estate on behalf of the Executive, to determine whether any beneficiary designated by the Executive is alive or to ascertain the address of any such beneficiary, to determine the existence of any trust, to determine whether any person or entity purporting to act as the Executive's personal representative (or the trustee of a trust established by the Executive) is duly authorized to act in that capacity, or to locate or attempt to locate any beneficiary, personal representative, or trustee.