Cost Reduction Incentives Sample Clauses

Cost Reduction Incentives. 33.1 In consideration for continued competitiveness, both parties are required to put in reasonable time from engineering, operations and procurement resources to reduce the costs through collaborative effort by both parties. 33.2 The cost reduction team shall comprise of at least one experienced engineer, one operations supervisor and one experienced procurement officer from the Contractor and one Company representative who will decide on the cost reduction effort and priorisation. If there are savings derived from this cost improvement effort, the net saving shall be shared by the parties in the following manner. The net saving is derived from the difference between existing prices and the new price less the cost of improvement. Sixty (60%) percent of the net saving shall be credited to the Contractor and the contract price shall be amended to the new price plus the Sixty (60%) percent of the net saving. 33.3 Both parties shall bear their own costs for undertaking the cost improvement describes in above including without limitation their own non-recurrence engineering cost. 33.4 The cost reduction exercise shall be an on-going effort and is not limited to engineering design, as it may include processes, man power deployment, administration procedures, automation and any other innovations to bring this about. 33.5 A final cost reduction report, which has been reviewed and approved by the Company, shall be submitted by the Contractor to the Company at the end of the exercise to conclude the collaborative effort and determine the new price.
Sample 1
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Cost Reduction Incentives. Seneca and Pillsbury agree to share equally in any savings derived during the first year of the Cost Reduction Project from a Cost Reduction Project that is proposed by the Continuous Improvement Program Team and approved by the ARB or their designees. The Continuous Improvement Program Team will initially be headed by a Pillsbury employee and supported by Seneca employees to develop, implement and track specific Cost Reduction Projects. It is the intent of the Parties that Seneca will internalize the function of the Continuous Improvement Program Team when each party mutually agrees that the program is successfully implemented. The calculations of the cost savings will be determined in accordance with the Accounting Procedures and will be payable each year to each party at the Year-End Reconciliation as described in Section 3.6. After the first year of each cost Reduction Project, all savings derived from such Cost Reduction Project will accrue to Pillsbury or Seneca based upon the percentage of products respectively purchased from the Plant in question by Pillsbury or retained by Seneca for sale to non-Pillsbury buyers, and will be built into the Standard Costs. Attached hereto as Exhibit J-1 are the Guiding Principles under which the Continuous Improvement Project Team will account for Cost Reduction Projects.
Sample 1
Cost Reduction Incentives. Seneca and GMOL agree that any savings from any cost reduction programs shall be allocated to the parties based upon Fully Allocated Costs. The SALT team will meet to review cost reduction initiatives on a quarterly basis.
Sample 1

Related to Cost Reduction Incentives

  • Incentive Payments The Settlement Fund Administrator will treat incentive payments under Section IV.F on a State-specific basis. Incentive payments for which a Settling State is eligible under Section IV.F will be allocated fifteen percent (15%) to its State Fund, seventy percent (70%) to its Abatement Accounts Fund, and fifteen percent (15%) to its Subdivision Fund. Amounts may be reallocated and will be distributed as provided in Section V.D.

  • Annual Performance Bonus During the Employment Term, the Executive shall be entitled to participate in the STIP, with such opportunities as may be determined by the Chief Executive Officer in his sole discretion (“Target Bonuses”), and as may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time, and the Executive shall be entitled to receive full payment of any award under the STIP, determined pursuant to the STIP (a “Bonus Award”).

  • Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 11.3.2 An employer may opt to pay the early retirement incentive in three equal annual payments over a thirty-six (36) month period. 11.3.3 Eligible bargaining unit members may opt for a partial early retirement with a pro- rated incentive.

  • Annual Incentive Payment The Executive shall participate in the Company's Management Incentive Plan (or such alternative, successor, or replacement plan or program in which the Company's principal operating executives, other than the Chief Executive Officer, generally participate) and shall have a targeted incentive thereunder of not less than $240,000 per year; provided, however, that the Executive's actual incentive payment for any year shall be measured by the Company's performance against goals established for that year and that such performance may produce an incentive payment ranging from none to 200% of the targeted amount. The Executive's incentive payment for any year will be appropriately pro-rated to reflect a partial year of employment.

  • Performance Incentives As a bonus, to supplement Assistant Coach’s compensation, as set out herein, the University agrees to pay the following sums upon attainment of each specified goal, provided the Program is in compliance with all Governing Athletics Rules and University Rules, and there are no pending or active NCAA or __________ Conference investigations or major violations of which Assistant Coach knew or should have known. Assistant Coach must also complete the _________ [insert sport] season as an Assistant [Men’s/Women’s] [delete if sport is football] __________ Coach to receive any performance incentives for that season. Payment will be made to Assistant Coach within 60 days after goal is accomplished. (a) $_________ in any contract year in which the team wins the __________ Conference championship. (b) $_________ in any contract year in which the team participates in post-season NCAA competition. (c) $_________ for each game that the team wins in NCAA post-season competition. (d) $_________ in any contract year in which the team wins the NCAA championship.]

  • Maximum Total Compensation Subsection 10.1 is amended to Increase Decrease the Maximum Total Compensation from $ to $ .

  • Long-Term Incentive Compensation Subject to the Executive’s continued employment hereunder, the Executive shall be eligible to participate in any equity incentive plan for executives of the Firm as may be in effect from time to time, in accordance with the terms of any such plan.

  • Performance Bonuses The Executive will be eligible to receive an annual cash bonus at an annualized rate of up to 40% of his base salary, based on the achievement of reasonable individual and Company performance targets to be established by the Company and Parent.

  • Longevity Bonus After twenty (20) years of continuous service, an employee will receive a longevity bonus of seven hundred dollars ($700) per year, payable in one lump sum by the second pay period following the employee's anniversary date.

  • Performance Bonus The Executive shall be eligible to receive an annual performance bonus, payable within sixty (60) days after the end of the fiscal year of the Employer, in an amount not to exceed twenty-five percent (25%) of the Executive's Base Salary for the applicable year. The amount, if any, shall be determined by the Board, or the appropriate committee thereof, and shall generally be based on a combination of organization-wide and individual performance criteria.

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