Rate of Payroll definition

Rate of Payroll means the proportion that the Payroll bears to the Turnover during the period between the date of commencement of the Business and the date of the Damage.
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Rate of Payroll means the proportion that the Payroll bears to the Turnover during the financial year immediately before the date of the Defined Event.
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Rate of Payroll means the rate of Payroll to Turnover during the financial year immediately before the date of the Damage, to which such adjustments will be made as may be necessary to provide for the trend of the Business and for variations in or other circumstances affecting the Business, either before or after the Damage, or that would have affected the Business had the Damage not occurred, so that the figures thus adjusted will represent as nearly as may be reasonably practicable the results that, but for the Damage, would have been obtained during the relative period after the Damage.
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Examples of Rate of Payroll in a sentence

  • MAXIMUM INDEMNITY PERIOD : Months (as mentioned in the Policy schedule) RATE OF PAYROLLThe Rate of Payroll earned on the ) to which such adjustments shall be made as may be Turnover during the financial year ) necessary to provide for the trend of the business immediately before the date of the ) and for variations in or other circumstances affecting damage.

  • Rate of payroll Rate of Payroll means the percentage of Payroll to Turnover during the financial year immediately before the date of the Breakdown.

  • Prior to execution of this Contract, Contractor shall have provided to Company (i) Contractor’s policies and procedures regarding confined space entry, elevated work, switching and energy isolation; and (ii) Contractor’s safety handbook.

  • MAXIMUM INDEMNITY PERIOD : Months (as mentioned in the Certificate schedule) RATE OF PAYROLLThe Rate of Payroll earned on the ) to which such adjustments shall be made as may be Turnover during the financial year ) necessary to provide for the trend of the business immediately before the date of the ) and for variations in or other circumstances affecting damage.

  • It being und erstood that allowances to employees retained in the Insured's services during the Indemnity Period while unable to work in consequ ence of the damage shall be treated as payroll paid :Provided that if the Sum Insured by this Item be less than the sum produced by applying the Rate of Payroll to the Annual Turnover (or to a proportionately increased multiple thereof where the Maximum Indemnity Period exceeds twelve months) the amount payable shall be proportionately reduced.

  • It being understood that allowances to employees retained in the Participant's services during the Indemnity Period while unable to work in consequence of the damage shall be treated as payroll paid :Provided that if the Sum Covered by this Item be less than the sum produced by applying the Rate of Payroll to the Annual Turnover (or to a proportionately increased multiple thereof where the Maximum Indemnity Period exceeds twelve months) the amount payable shall be proportionately reduced.

  • Provided that if the Declared Value of Insured Payroll at the commencement of each Period of Insurance be less than the sum produced by applying the Payroll Limits to the sum produced by applying the Rate of Payroll to the Annual Turnover (or its proportionately increased multiple thereof, where the Indemnity Period exceeds twelve (12) months) the amount payable shall be proportionately reduced.

  • Rate of Payroll means the proportion that the Payroll bears to the Turnover during the period between the date of commencement of the Business and the date of the Damage.

  • Rate of Payroll: The rate of Payroll to Turnover during the financial year immediately before the date of the damage.

  • It being understood that allowances to employees retained in the Insured's services during the Indemnity Period while unable to work in consequence of the damage shall be treated as payroll paid :provided that if the Sum Insured by this Item be less than the sum produced by applying the Rate of Payroll to the Annual Turnover (or to a proportionately increased multiple thereof where the Maximum Indemnity Period exceeds twelve months) the amount payable shall be proportionately reduced.


More Definitions of Rate of Payroll

Rate of Payroll means the proportional equivalent, that the payroll bears to the Turnover during the period between the commencement of the Business and the date of the Damage. Accumulated Stocks In adjusting any loss, account shall be taken and equitable allowance made if any shortage in Turnover due to the Damage is postponed by reason of the Turnover being temporarily maintained from accumulated stocks of finished goods.Books of Account Any particulars or details contained in your books of account or other business books or documents which may be required by us for the purpose of investigating or verifying any claim hereunder may be produced and certified by your auditors and their certificate shall be prima facie evidence of the particulars and details to which such certificate relates.The words and expressions used herein shall have the meanings usually attached to them in your books and accounts unless otherwise defined in this Policy. Essential ServicesExtension It is agreed and declared that loss as insured by this Policy resulting from interruption of or interference with the business in consequence of Damage (as within defined) to property either at or away from the premises belonging to or under the control of suppliers of electric power, land based telecommunication or computer services, gas, steam, water or sewerage reticulation control systems shall be deemed to be loss resulting from Damage to property used by you at the situation.For the purpose of this extension, the proviso in paragraph two of “the indemnity” is waived.Salvage Sale If following Damage giving rise to a claim under this Policy, you shall hold a salvage sale during the Indemnity Period, Clause 1 of the Gross Profit Item of the Basis of Settlement Clause of this Policy shall, for the purpose of such claim, read as follows:In respect of reduction of Turnover: Premises in the Vicinitythe sum produced by applying the Rate of Gross Profit to the amount by which the Turnover during the Indemnity Period (less the Turnover for the period of the salvage sale) shall, in consequence of the Damage, fall short of the Standard Turnover, from which sum shall be deducted the Gross Profit actually earned during the period of the salvage sale.(Prevention of Access) Loss as insured by the Policy resulting from interruption of or interference with the business in consequence of Damage (as within defined) to property:
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Related to Rate of Payroll

  • Basic Rate of Pay means the incremental step in the Salaries Schedule applicable to an Employee in accordance with the terms of this Collective Agreement, exclusive of all premium payments.

  • Current rate of pay means the member's actual hourly, daily, weekly, biweekly, monthly, or yearly rate of pay converted to an annual rate as defined in final rate of pay. The rate shall be certified by the employer;

  • weekly rate of pay means an employee’s annual rate of pay divided by 52.176.

  • Base Rate of Pay means the employee’s hourly rate of pay excluding any premiums, incentives, add-ons or rollups.

  • hourly rate of pay means a full-time employee’s weekly rate of pay divided by thirty-seven decimal five (37.5); (taux de rémunération horaire)

  • Actual Rate of Pay means, unless and until the Agency Worker has completed the Qualifying Period, the rate of pay which will be paid for all time worked during an Assignment for each hour worked, as set out in the relevant Assignment Details Form;

  • Final rate of pay means the actual rate upon which earnings of an employee were calculated during the twelve (12) month period immediately preceding the member's effective retirement date, and shall include employee contributions picked up after August 1, 1982, pursuant to KRS 78.610(4). The rate shall be certified to the system by the employer and the following equivalents shall be used to convert the rate to an annual rate: two thousand eighty (2,080) hours for eight (8) hour workdays, one thousand nine hundred fifty (1,950) hours for seven and one-half (7.5) hour workdays, two hundred sixty (260) days, fifty-two (52) weeks, twelve (12) months, one (1) year;

  • Annual Rate of Pay means, as of any date, an employee’s annualized base pay rate. An employee’s Annual Rate of Pay shall not include sales commissions or other similar payments or awards.

  • Regular rate of pay means the rate of pay the employee was receiving at the time maternity leave commenced, but does not include retroactive adjustment of rate of pay, acting pay, overtime, shift premium or any other form of supplementary compensation.

  • Actual QP Rate of Pay means the rate of pay which will be paid to the Agency Worker if and when s/he completes the Qualifying Period, as set out in any variation to the relevant Assignment Details Form;

  • Ordinary rate of pay in Clause 17. - Annual Leave means the average rate the employee received for the four weeks preceding the taking of annual leave or the average rate received for the 12 months preceding such leave, whichever shall be the higher, provided that such average shall be computed taking into consideration any extra rates prescribed for night work, etc., and penalty rates for Sunday work where such work is part of the employee's normal working week of five days but excluding any amounts received by way of overtime or holiday penalty rates.

  • daily rate of pay means an employee's weekly rate of pay divided by five (5);

  • Date of Payment means the date on which NYSERDA requisitions a check from its statutory fiscal agent, the Department of Taxation and Finance, to make a Payment.

  • Rate of Gross Profit means the gross profit earned expressed as a percentage of the turnover during the period between the date of the commencement of the business and the date of the incident.

  • Federal Funds Rate means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent.

  • CMS Rate means the applicable swap rate for swap transactions in the Reference Currency with a maturity of the Designated Maturity, expressed as a percentage, which appears on the Relevant Screen Page as at the Specified Time on the relevant Interest Determination Date in question, all as determined by the Calculation Agent.

  • rate of exchange shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.

  • Prevailing wage rate means the rate, amount, or level of wages, salaries, benefits, and other

  • Worker Wage Rate means the actual hourly wage of non-salaried persons performing work on the Project plus allowable employer contributions as established on the Worker Wage Rate Form required by the Construction Documents. The Worker Wage Rate must be reasonable and customary for their industry, must equal or exceed the prevailing wage established by Owner and must be approved in writing by Owner in advance of any Application for Payment. All payments for non-salaried personnel working on the Project are subject to audit to determine the actual cost of the wages and allowable employer contributions incurred by employer for services performed for the Project.

  • Place of Payment when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on, or any Additional Amounts with respect to, the Securities of that series are payable as specified as contemplated by Section 3.1 and 10.2.

  • NYFRB Rate means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

  • Wage Rate refers to an Employee’s hourly rate of pay reflected by the pay grade of her position and her step within that grade, as set out in the Wage Rate grid in Appendix II.

  • Tariff Payment means the payments to be made under Monthly Bills as referred to in Article 10 and the relevant Supplementary Bills;

  • Rate Year means July 1st of a given Calendar Year through June 30th of the succeeding Calendar Year.

  • Rate means the Adjusted LIBO Rate and the Alternate Base Rate.

  • Rate of Interest means the rate of interest payable from time to time in respect of this Note and that is either specified or calculated in accordance with the provisions hereon.