Agreement Benefit Clause Samples
The Agreement Benefit clause defines who is entitled to receive the rights, advantages, or benefits provided under the contract. Typically, this clause clarifies that only the parties who have signed the agreement, and sometimes their permitted successors or assigns, can claim any benefit from its terms. By specifying the intended beneficiaries, the clause prevents third parties from asserting rights or making claims based on the contract, thereby ensuring that obligations and advantages remain strictly between the contracting parties and reducing the risk of unintended legal exposure.
Agreement Benefit. This Agreement shall inure to the benefit of and be binding on the parties hereto, their successors and assigns.
Agreement Benefit. 1. We reserve the right to offer an Agreement Benefit with one or moreTariff Plans at any point in time. These Agreement Benefits may be changed or discontinued at Our sole discretion.
2. Where applicable with Your chosen Tariff Plan, You may choose to take an Agreement Benefit with Your Agreement. Unless otherwise stated, You may only benefit from one Agreement Benefit at any particular point in time.
3. The Agreement Benefit is given on condition that You remain boundto the Service stated in Your Agreement with Us for a pre-defined period of time. If You choose to terminate Your Agreement with Us prior to this time period elapsing, or if We suspend or terminate Your Agreement with Us due to a reason directly applicable to You, such as non-payment for the Service, You shall be bound to pay Us all the fees/charges/penalties as outlined in the Agreement, including the reimbursement of the Agreement Benefit.
4. You will be liable to reimburse Us for the Agreement Benefit and all the fees/charges/penalties as outlined in the Agreement if You downgrade Your Service with Us during the pre-defined time period of Your Agreement.
5. If You choose to upgrade Your Service with Us during the pre-definedtime period of Your Agreement, You will not be able to benefit from any new Agreement Benefit unless You terminate the old Agreement and pay Us all dues, including those applicable to Your current Agreement Benefit.
Agreement Benefit. The Corporation agrees to pay ▇▇. ▇▇▇▇▇▇▇▇ a lump-sum retirement benefit (the “2007 Retirement Agreement Benefit”) that is (a) the actuarial equivalent (as determined in Section 4 below) of a monthly single-life annuity equal to a percentage of his “Average Monthly Salary” (as defined below), (b) reduced by any payments that may be payable under the Corporation’s retirement programs (the “Retirement Program”). This offset shall be calculated based on the normal lifetime benefits payable under the Retirement Program prior to the election of any optional forms for payment of retirement benefits. The percentage referred to in clause (a) of the first sentence of this Section is thirty percent (30.0%) as of April 30, 2004, thirty four percent (34%) as of December 31, 2004, and forty eight percent (48%) as of April 30, 2007, and shall increase by one-half percentage point (0.50%) for each completed calendar month of Active Employment thereafter (such that by June 30, 2009, the percentage will be sixty-one percent (61.0%)). For purposes of this Attachment A, “Average Monthly Salary” shall equal the average determined by (i) summing the total of ▇▇. ▇▇▇▇▇▇▇▇’▇ highest aggregate monthly salary and cash executive compensation bonuses (excluding equity awards) paid during a consecutive sixty (60) month period within ▇▇. ▇▇▇▇▇▇▇▇’▇ last one hundred and twenty months (120) of Active Employment and (ii) dividing the amount derived in (i) above by sixty (60).
Agreement Benefit. The Corporation agrees to pay M▇. ▇▇▇▇▇▇▇▇ a monthly single-life benefit at retirement equal to a percentage of his “Average Monthly Salary”, as defined below. This percentage is thirty percent (30.0%) as of April 30, 2004, and increases by one-half percentage point (0.50%) for each completed calendar month of Active Employment thereafter (such that by April 30, 2008, the percentage will be fifty-four percent (54.0%)). For purposes of this Attachment A, “Average Monthly Salary” shall equal the average determined by (i) summing the total of M▇. ▇▇▇▇▇▇▇▇’▇ highest aggregate monthly salary and cash executive compensation bonuses (excluding equity awards) paid during a consecutive sixty (60) month period within M▇. ▇▇▇▇▇▇▇▇’▇ last one hundred and twenty months (120) of Active Employment and (ii) dividing it by sixty (60).
Agreement Benefit. The Corporation agrees to pay M▇. ▇▇▇▇▇▇▇▇ a monthly single-life benefit at retirement equal to a percentage of his Final Average Monthly Salary, as defined within the Corporation’s Retirement Program. This percentage will be twenty-two percent (22.0%) plus one-half percentage point (0.50%) for each completed calendar month of employment on and after January 1, 2003 (such that by December 31, 2005, the percentage will be forty percent (40.0%)). The single-life benefit if M▇. ▇▇▇▇▇▇▇▇ remains Actively Employed and retires on December 31, 2005, will not be less than $1,200,000 per annum.