Benefit Cheques Not Presented Clause Samples
The 'Benefit Cheques Not Presented' clause addresses situations where benefit cheques issued to recipients are not cashed or deposited within a specified period. Typically, this clause outlines the timeframe in which a cheque must be presented for payment and may specify the actions to be taken if the cheque remains unclaimed, such as reissuing the cheque or returning the funds to the issuer. Its core practical function is to ensure proper handling of unclaimed payments, prevent indefinite liability for the issuer, and provide a clear process for managing outstanding benefit cheques.
Benefit Cheques Not Presented. If a payment is made under the Plan and the amount of the payment is not claimed within a period of two (2) years from the date such payment was made, the amount shall revert to the Employer.