Annual Deduction Clause Samples

The Annual Deduction clause defines the maximum amount that can be deducted from a party’s liability or payment obligations within a given year under a contract. Typically, this clause sets a cap on the total deductions that can be made annually, such as for damages, penalties, or other offsets, ensuring that deductions do not exceed a specified threshold in any contract year. By establishing this limit, the clause provides predictability and financial protection for the parties, preventing excessive or unexpected reductions in payments and helping to manage risk exposure over the contract term.
Annual Deduction. For each Calendar Year, a deduction in the amount of $82,500 shall be made to the aggregate amount of the CMI Sales Commissions and the CHS Sales Commissions payable to the Employee. Such deduction shall be made prior to any payment of such commissions for such Calendar Year.
View SourceView Similar (6)
Annual Deduction. An employee who opts for Local 39 membership dues shall not be permitted to change such deduction except during the month of June of each year of this MOU. At any time with proper authorization, an employee who opts for Agency Fee shall be permitted to change to Union membership dues but not to a charitable contribution. An employee who opts for a charitable contribution shall be permitted to change to an Agency Fee or Union membership dues at any time during the term of the Agreement.
View SourceView Similar (2)

Related to Annual Deduction

  • Salary Deductions Salaried employees (E-level classifications) who are permanently assigned to full-time job classifications are paid on a bi-weekly salary basis. Salaried employees are paid a bi-weekly salary based on a minimum of two (2) forty (40) hour workweeks. The bi-weekly salary received by salaried employees will not be reduced regardless of the number of hours the salaried employee actually works in any week in which the salaried employee performs any work except for the following deductions: (A) Deductions from a salaried employee's salary may be made for any workweek in which the salaried employee performs no work. (B) Deductions from a salaried employee's salary may be made when the employee absents himself from work for a full day or days for personal reasons, other than sickness or accident. This provision shall not prevent appropriate deductions from being made from any employee's vacation leave balance pursuant to Article 11 of this Agreement for absences of less than a day for personal reasons, other than sickness or accident. (C) Deductions from an employee's salary may be made when a salaried employee absents himself from work for a day (or days) for sickness or accident disability in accordance with the provisions of Articles 13 and 14 of this Agreement. (D) Deduction in a salaried employee's salary may be made for the initial or terminal week of the salaried employee if the salaried employee fails to work the entire workweek.

  • Dues Deduction 1. The DTU will indemnify, defend, and hold the employer harmless against any claim made and against any suit instituted against the Employer on account of any check-off of union dues. 2. Upon receipt of a written authorization from an employee covered by this agreement, the Employer will deduct from the employee's pay the amount owed to the DTU by such employee for dues and its assessments. 3. It is understood that this provision will provide for 22 or 26 deductions per year for all covered employees as outlined in Appendix D. The Employer will remit to the DTU such sums as deductions are made to be implemented when the ACH system is functioning. There will be a one month trial transfer period. An electronic copy of the deduction will be provided to the DTU within five working days. Changes in the DTU membership dues rate will be certified to the Employer in writing over the signature of the authorized officer or officers of the DTU and shall be done at least 30 days in advance of the effective date of such change. The Employer's remittance will be deemed correct if the DTU does not give written notice to the Employer within thirty (30) calendar days after a remittance is received of its belief, with reason(s) stated therefore, that the remittance is incorrect. 4. No deduction of dues shall be made from the pay of any employee for any payroll period in which the employee's net earnings for that payroll period, after deductions, are less than the amount of dues to be checked off. 5. An employee may at any time revoke, in writing her/his authorization for dues deductions. Written requests received by the 20th day of the month will be effective no earlier than the first payday and no later than the second payday of the following month. 6. Any employee who has payroll deductions to DTU for membership dues at the time of any unpaid leave shall have such dues deductions reinstated when she/he returns from leave, unless canceled by the employee in writing.

  • Payroll Deduction A. Membership dues of OCEA members in this Representation Unit and insurance premiums for such OCEA sponsored insurance programs as may be approved by the Board of Supervisors shall be deducted by the County from the pay warrants of such members. The County shall promptly transmit the dues and insurance premiums so deducted to OCEA. B. OCEA shall notify the County, in writing, as to the amount of dues uniformly required of all members of OCEA and also the amount of insurance premiums required of employees who choose to participate in such programs.

  • Annual Cash Bonus During the Term, Executive may be eligible to receive an annual cash bonus, on terms and conditions as determined by the Committee in its sole discretion taking into account Company and individual performance objectives.

  • Annual Incentive Payment The Executive shall participate in the Company's Management Incentive Plan (or such alternative, successor, or replacement plan or program in which the Company's principal operating executives, other than the Chief Executive Officer, generally participate) and shall have a targeted incentive thereunder of not less than $240,000 per year; provided, however, that the Executive's actual incentive payment for any year shall be measured by the Company's performance against goals established for that year and that such performance may produce an incentive payment ranging from none to 200% of the targeted amount. The Executive's incentive payment for any year will be appropriately pro-rated to reflect a partial year of employment.