Alternate contributions Clause Samples

The "Alternate contributions" clause defines the process by which a party may provide a substitute or different form of contribution if the original contribution cannot be made as specified. In practice, this clause outlines the conditions under which an alternate contribution is acceptable, such as requiring prior approval from the other party or ensuring the substitute is of equivalent value or utility. Its core function is to provide flexibility in fulfilling contractual obligations, thereby reducing the risk of breach due to unforeseen circumstances that prevent the original contribution.
Alternate contributions. 8.2.1 During the Term of this Agreement the Borough Councils shall apply the Interim Tariff Policy or the Tariff Policy so as to secure Tariff Contributions except for where a Borough Council is able to secure from a developer an alternate contribution which: (a) involves, in the reasonable opinion of the Borough Council, the carrying out of Works3; and 3 There may a risk that works procured in this manner could constitute a procurement to which the EU procurement rules would apply. (b) is, in the reasonable opinion of the Borough Council, of equivalent monetary value to that which the developer would be liable had the Interim Tariff Policy or the Tariff Policy been applied to the developer in question; (an Alternate Contribution). 8.2.2 Before accepting an Alternate Contribution the Borough Council concerned shall consult with the Kent except and the other Borough Council, CLG and DfT and provide them with all necessary details of the works that are to form the Alternate Contribution (including without limitation the estimated cost of the procurement of the Alternate Contribution works [from a third party]).
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Alternate contributions. 5.3.1 During the Term of this Agreement the Borough Councils shall procure Developer Contributions except for where a Borough Council is able to secure from a developer an alternate contribution which: - a) involves, in the reasonable opinion of the Borough Council, the carrying out of a Works Package; and b) is, in the reasonable opinion of the Borough Council, of equivalent monetary value to that which the developer would be liable had a Developer Contribution been required. (an Alternate Contribution). 5.3.2 Before accepting an Alternate Contribution the Borough Council concerned shall consult with and seek the agreement of Kent that the Alternate Contribution meets the definition set out in clause 5.3. 1. The Borough Council shall provide details of the Works that are to form the Alternate Contribution (including without limitation the estimated cost of the procurement of the Alternate Contribution works [from a third party]).
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Alternate contributions. 6.2.1 During the Term of this Agreement the Borough Councils shall procure Developer Contributions except for where a Borough Council is able to secure from a developer an alternate contribution which: (a) involves, in the reasonable opinion of the Borough Council, the carrying out of a Works Package2; and (b) is, in the reasonable opinion of the Borough Council, of equivalent monetary value to that which the developer would be liable had a Developer Contribution been required (an Alternate Contribution). 6.2.2 Before accepting an Alternate Contribution the Borough Council concerned shall consult with [Kent and the other Borough Council][the Steering Group] and provide them with details of the Works that are to form the Alternate Contribution (including without limitation the estimated cost of the procurement of the Alternate Contribution works [from a third party]).
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Related to Alternate contributions

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Employer Contributions 16.01 Employer contributions shown in the tables in the attached appendices shall be made on all hours of work performed which are included in computing the eight (8) hours per day and forty (40) hours per week after which overtime is payable and shall be recorded on a standard remittance report provided by the Union and remitted on or before the fifteenth (15th) day of the month following the month for which contributions are due and payable, to the Trust Funds. Hours of work performed are interpreted to mean daily travel time, daily working time, reporting time, and, if the employee is required to perform a welding test, testing time. Contributions for overtime hours will be calculated as straight time hours. The Employer shall provide each employee covered by this Agreement with a statement with each weekly paycheque stating the total number of hours reported for contributions to the Pension and Health & Welfare Funds on behalf of that employee for the period covered by the paycheque. 16.02 All such funds due and payable to the above funds shall be deemed and are considered to be Trust Funds. It is expressly understood that training funds are not wages or benefits due to an employee and industry promotion funds are deemed to be dues for services rendered by the Association. 16.03 The Board of Trustees of the respective Trust Funds shall have authority to promulgate such agreements, plans and/or rules as may be necessary or desirable for the efficient and successful operation and administration of the said Trust Fund, including provisions for an audit, security, surety and/or liquidated damages to the extent that such may be necessary for the protection of the beneficiaries of such Trust Funds. In the event that any Employer is delinquent in his contributions to the above funds for more than thirty (30) days, the Employer and the Association shall be notified of such delinquency. If after five (5) days from such notice such delinquency has not been paid, the Employer shall pay to the applicable funds as liquidated damages, and not as a penalty, an amount equal to ten percent (10%) of the arrears for the month, or part thereof, in which the Employer is in default. Thereafter interest shall accumulate at the rate of two percent (2%) per month (24% per year compounded monthly) on any unpaid arrears, including liquidated damages. 16.04 Any and all agreements, plans or rules established by the Boards of Trustees of the respective Trust Funds shall be appended hereto and shall be deemed to be part of and expressly incorporated herein and the Employer and the Union shall be bound by the terms and provisions thereof. 16.05 The Employer shall not be required to make additional contributions or payments to any Industry Funds established by the Union or its Local Unions nor to any such funds established by Provincial or Territorial Government orders, regulations, or decrees for the purpose of providing similar benefits, it being understood and agreed that the contributions for herein, or any portions thereof shall be deemed to be in lieu of and/or shall be applied as payments to such funds. This provision shall not be applicable to any national funds or plans having general application and established by an Act of the Government of Canada. 16.06 In the Province of Ontario, the Trustees/Administrator of the employee benefit funds referred to in this Agreement shall promptly notify the Local Union of the failure by any Employer to pay any employee benefit contributions required to be made under this Agreement and which are owed under the said funds in order that the Program Administrator of the Ontario Employee Wage Protection Program may deem that there has been an assignment of compensation under the said Program in compliance with the Regulations to the Ontario Employment Standards Amendment Act, 1991, in relation to the Ontario Employee Wage Protection Program. 16.07 The parties hereto agree that contribution rates for the trust funds listed herein do not include any Provincial or Federal taxes.

  • Catch-Up Contributions In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.