Temp Agency definition
Examples of Temp Agency in a sentence
Not less than two Business Days prior to the Closing, Buyer shall deliver to Sellers a list setting forth those Temps which Buyer has determined in its sole discretion the services of which should continue to be retained by the Company through the Temp Agency (collectively, the “Retained Temps”).
There are no Contracts between the Company and either Seller or both Sellers, or between the Company and any Temp or Temps, and the only parties to the Temp Agency Contract are the Company and the Temp Agency, and no Temp is either a party to the Temp Agency Contract or an express third-party beneficiary thereof.
The Temp Agency Contract does not impose any restriction on the ability of the Company to terminate immediately effective upon written notice to the Temp Agency the engagement of any Temp or require any payment to the Temp Agency or such Temp in connection with such termination.
On the Business Day prior to the Closing, Sellers shall cause the Company to terminate with the Temp Agency the engagement by the Company of all of the Temps other than the Retained Employees (the “Terminated Temps”).
Sellers shall cause the Company to pay to the Temp Agency on behalf of each Terminated Temp on the date of his or her termination a lump sum payment equal to the amount of any accrued but unused vacation, holiday and sick time for such Terminated Temp at the rate of hourly or annual salary then in effect for such Terminated Temp, as well as any severance owed to such Terminated Temp in connection with his or her termination.
To the Knowledge of Sellers and the Company, no director or officer of the Company intends to terminate his or her status as a director or officer of the Company, and no Temp intends to terminate his or her relationship with the Company or the Temp Agency.