Common use of Banked Hours Clause in Contracts

Banked Hours. A maximum of 120 hours, converted to the equivalent of dollars based on the hourly rate at which it was earned, may be accrued and may be withdrawn by an employee in whole or in part at their regular rate at time of withdrawal. In the event an employee also wishes time off, such time will be by mutual agreement and subject to the operating needs of the business.

Banked Hours. A maximum of 120 one hundred and twenty (120) hours, converted to the equivalent of dollars based on the hourly rate at which it was earned, may be accrued and may be withdrawn by an employee in whole or in part at their regular rate at time of withdrawal. In the event an employee also wishes time off, such time will be by mutual agreement and subject to the operating needs of the business.