Failure to Employ. Failure to fulfill the employment obligation, in full or in part, gives Seller the right to claim penalties. In accordance with the Employment Plan, for every less employed worker the Buyer shall be obliged to pay penalties as per the following formula: Number of workers x Number of months x Average gross salary in FBiH in the calendar year preceding the year in which the Buyer has failed to employ the agreed number of workers. *Number of workers: Any delay in the employment of new workers or failure to maintain the agreed number of workers in terms of sustainability of the number of employed workers. *Number of months: The time lag expressed in the number of full months. Payment of penalties shall not release the Buyer from its obligation to employ new workers. In case that within the period provided for fulfillment of the obligation β maintaining specific number of employees as provided hereunder (i.e. in the period provided for monitoring of fulfillment of employment obligations) at certain point of time there shall occur delay in fulfilling the same and that in another point of that period a bigger number of employees than being provided by the Agreement shall be employed, the Seller shall compensate penalties so that he shall not claim penalties for the part of delay provided by this provision of chapter 7.2.
Appears in 4 contracts
Samples: Share Purchase Agreement, Share Purchase Agreement, Share Purchase Agreement
