Common use of Annual Settlement Clause in Contracts

Annual Settlement. Settlement against man-years shall be performed at least once in the calendar year, at a date stipulated by the pool agreement. Hours settled with compensation for waiting time or overtime pay (e.g. compensation for work and mandatory courses during periods off work, work beyond 12 hours per day and compensation for prolonged tour offshore) are not counted as part of the man-year. 1) Not enough hours worked inside the annual settlement period shall be deleted. 2) Hours worked in excess of the man-year shall be compensated for through overtime pay in the annual settlement 3) Local pool agreements may incorporate previsions on time off in lieu of extra hours worked, and working to make up for minus hours. In all events, the timing for taking time off in lieu of extra hours worked, and any additional working to make up for minus hours must be agreed in writing with the employee in question. The local agreement may not stipulate a work-in of more than 84 minus hours, and such additional make-up work must take place within a period of maximum 12 weeks following the date of settlement.

Annual Settlement. Settlement against man-years shall be performed at least once in the calendar year, at a date stipulated by the pool agreement. Hours settled with compensation for waiting time or overtime pay (e.g. compensation for work and mandatory courses during periods off work, work beyond 12 hours per day and compensation for prolonged tour offshore) are not counted as part of the man-man- year. 1) Not enough hours worked inside the annual settlement period shall be deleted. 2) Hours worked in excess of the man-year shall be compensated for through overtime pay in the annual settlement 3) Local pool agreements may incorporate previsions on time off in lieu of extra hours worked, and working to make up for minus hours. In all events, the timing for taking time off in lieu of extra hours worked, and any additional working to make up for minus hours must be agreed in writing with the employee in question. The local agreement may not stipulate a work-in of more than 84 minus hours, and such additional make-up work must take place within a period of maximum 12 weeks following the date of settlement.