Bank Established Sample Clauses
The 'Bank Established' clause defines the requirement that a specific bank or financial institution must be designated and operational for the purposes of the agreement. Typically, this clause outlines which party is responsible for selecting the bank, the criteria the bank must meet, and when the bank must be in place, such as prior to the commencement of certain transactions or the release of funds. Its core practical function is to ensure that all parties have a clear, agreed-upon financial intermediary in place, thereby facilitating secure and efficient handling of payments or escrow arrangements and reducing uncertainty or disputes regarding financial processes.
Bank Established. The Parties hereby establish a Sick Leave Bank, hereinafter "the Bank", which shall be operated under the terms and conditions of this section.
Bank Established. The parties hereby establish a Sick Leave Bank which shall be operated 18 under the terms and conditions of this Section.
Bank Established. The parties hereby establish a Sick Leave Bank which shall be operated 13 under the terms and conditions of this Section.
Bank Established. The District shall maintain a sick leave bank as follows:
(a) All employees are required to belong to the sick leave bank.
(b) Each newly hired employee will have one (1) of his annual sick leave day allotment credited to the sick leave bank upon hire.
(c) The bank will be maintained at a minimum level of seventy-five (75) days at all times.
(d) Whenever days are taken from employees’ sick leave to replenish the bank, a notice will be sent to each employee.
(e) A sick leave bank committee will review and act upon requests for days from the bank.