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Base Model Sample Clauses

Base Model. Consider a university that makes an offer of admission to a prospective student. The offer of admission also includes a fee contract that must be signed by the student at the time of accepting the offer of admission. In our base model, we consider two separate types of fee contracts a university might offer to the student: a conventional upfront-fee contract and an ISA contract. In the case of an upfront-fee contract, the university simply sets a price p for university education. The student must pay the entire amount p at the time of admission. In the alternative ISA contract, there is no upfront-payment requirement. The student does not pay anything until completing her university education. However, at the time of admission, the student must agree to pay a fraction ρ of her after-graduation income y. The fraction ρ is the university’s stake in student’s future income. The student’s income y is either 1, which represents that the student is successful, or zero, which represents that the student is not successful, on the job market. The student has no past savings at the time of university admission. The student decides whether to accept the university’s offer of admission. We assume the student’s outside option is zero. If the university offers an upfront-fee contract, accepting the contract requires the student to finance her education by obtaining funds from a competitive debt market. In this case, the student borrows an amount p and pays her university fee. For simplicity, we assume the competitive debt market offers funds at an interest rate of zero. The student agrees to fully repay her debt at the end of her university education. If the student fails to repay her debt at the time it is due, she incurs an additional disutility δ for every unit of borrowed funds. This disutility δ captures the effect of debt refinance or cost associated with insolvency and we refer to it as the level of student’s financial difficulty. In markets where debt refinancing is readily available or where government may offer debt-forgiveness programs to students, we can expect the level of student’s financial difficulty δ to be relatively small. 1. If the university offers an ISA contract, which requires the student to pay a fraction ρ of her after-graduation income y, she decides whether to accept the offer. If the student is successful in the job market (i.e., earns an after-graduation income y = 1), she pays a fraction ρ of her income to the university. However, if the s...
Sample 1

Related to Base Model

  • Budget Schedule Subrecipient agrees that the expenditures of any and all funds under this Contract will be in accordance with the Budget Schedule, a copy of which is attached hereto as Attachment C, and which by this reference is incorporated herein and made a part hereof as if fully set forth.

  • Work Plan [Procuring Entity shall provide main features of the work plan that the Tenderer should provide in the tender for carrying out the contract, from beginning to the end].

  • Development Schedule The Project shall substantially comply with the specific timetables and triggers for action set forth in Article 5 of this Agreement. The parties acknowledge that, as provided in G.S. 160A-400.25(b), the failure to meet a commencement or completion date shall not, in and of itself, constitute a material breach of this Agreement pursuant to G.S. 160A-400.27 but must be judged based upon the totality of the circumstances.

  • Project Schedule Construction must begin within 30 days of the date set forth in Appendix A, Page 2, for the start of construction, or this Agreement may become null and void, at the sole discretion of the Director. However, the Recipient may apply to the Director in writing for an extension of the date to initiate construction. The Recipient shall specify the reasons for the delay in the start of construction and provide the Director with a new start of construction date. The Director will review such requests for extensions and may extend the start date, providing that the Project can be completed within a reasonable time frame.

  • Work Schedule (A) Where an employee has an established schedule, a change in workdays or shifts will be posted no less than 14 calendar days in advance and will reflect at least a two workweek schedule; however, the state will make a good faith effort to reflect a one month schedule. (B) In the event of a declared emergency the notice requirement of this Section may be void. (C) The state will continue to observe the scheduling structures currently in place at each agency and agrees to bargain any change in the overall practice of how schedules are established.

  • Alternative Work Schedule An alternate forty (40) hour work schedule (other than five (5) uniform and consecutive eight (8) hour days in a seven (7) day period), or for hospital personnel an eighty (80) hour workweek in a fourteen (14) day period and other mutually agreed upon schedules that comply with applicable federal and state law. Employee work schedules normally include two (2) consecutive days off.

  • Construction Schedule The progress schedule of construction of the Project as provided by Developer and approved by District.

  • Project Work Plan The Statement of Work is the formal document incorporated into the Grant. The Project Work Plan documents how the Grantee will achieve the performance measures outlined in the Grant. Changes to the Statement of Work require an amendment. Project Work Plans may be changed with written approval from PEI and the Grantee.

  • Construction Budget The total amount indicated by the District for the Project plus all other costs, including design, construction, administration, financing, and all other costs.

  • Budget Consulting Engineer/Architect shall advise City if, in its opinion, the amount budgeted for construction is not sufficient to adequately design and construct the improvement as requested.

Most Referenced Clauses

Most Referenced Definitions