Balance Payout Sample Clauses
The Balance Payout clause defines the terms under which any remaining amounts owed between parties are settled, typically at the conclusion of a contract or upon the occurrence of a specific event. This clause outlines the process for calculating the final balance, specifying deadlines for payment and any adjustments for outstanding obligations or credits. Its core practical function is to ensure that all financial matters are conclusively resolved, preventing future disputes over unpaid sums or lingering liabilities.
Balance Payout a. Fiscal Year End: All compensatory time balances will be paid out at the end of each fiscal year and will be charged to the site or department the employee was assigned to at the end of the employee’s regular assignment for that fiscal year.
Balance Payout