Use or Lose Sample Clauses
The "Use or Lose" clause establishes that certain rights, benefits, or entitlements must be exercised within a specified period, or they will be forfeited. For example, this clause often applies to vacation days, bonuses, or credits that must be used by a set deadline, after which any unused portion is lost and cannot be carried over or redeemed later. Its core practical function is to encourage timely utilization of resources or benefits and to prevent indefinite accumulation, thereby providing clarity and predictability for both parties.
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Use or Lose. Use or lose annual leave may be restored in accordance with all applicable laws, regulations and rules. The EMPLOYER agrees to annually publicize the use or lose policy no later than 1 October.
Use or Lose. On or before the Commencement Date, Tenant shall elect, in writing, to use up to the number of parking passes set forth in the Basic Provisions. If Tenant fails to timely make such election, Tenant shall be deemed to have elected to use all of the parking passes set forth in the Basic Provisions. If Tenant does not elect (or is not deemed to have elected) to use all of the parking passes set forth in the Basic Provisions, then (a) Tenant shall not have to use any of the parking passes that Tenant has elected not to use (the “Forfeited Parking Passes”), and (b) Landlord may permit any other party or parties to use the Forfeited Parking Passes from time to time on any terms Landlord desires.
Use or Lose. All individuals should plan and program their leave to ensure maximum use. Supervisors are responsible for ensuring adherence to the CERDEC leave policy which requires all use or lose annual leave to be scheduled in writing at least three pay periods prior to the end of the leave year.