Limit on Accumulation Clause Samples
A Limit on Accumulation clause sets a maximum cap on the total amount of liability or benefits that can accrue under a contract or insurance policy. In practice, this means that even if multiple claims or losses occur, the total payout or responsibility of the party is restricted to a predetermined limit, regardless of the number or size of individual claims. This clause is essential for managing risk exposure and ensuring that the financial obligations of a party do not exceed a manageable or agreed-upon threshold.
Limit on Accumulation. Employees shall forfeit their right to take any 33 vacation leave to their credit which is excess of the accrual of three (3) years. Such 34 excess leave shall be eliminated from the employee’s leave balance.
Limit on Accumulation. Accrual of vacation days in excess of those earned for two years of continuous service is not permitted past December 31st of each year with the following exception: with approval of the Department Director, an employee may accrue vacation days in excess of the two-year limit provided all such excess accumulation is taken by March 31st of the following year.
Limit on Accumulation. Employees may accrue Flex leave up to an accumulated total equal to seventy eight (78) times the member’s bi-weekly accrual rate. Any paid leave earned in excess of this level will be paid on an hour for hour basis in cash (spill over pay) at the employee’s hourly rate of pay. Members hired prior to July 1, 1996 shall be paid for earned Flex leave in excess of the maximum permitted accrual at the member’s hourly rate of pay provided that they have utilized at least eighty (80) hours of Flex leave the previous calendar year. Employees who have not utilized the required amount of leave the prior calendar year shall not be eligible to accrue time above the maximum accrual limit. Employees first hired, or rehired by the City subsequent to July 1, 1996 shall not be eligible for Flex leave spillover pay and shall not be entitled to accrue Flex leave in excess of the Flex leave accrual threshold.
Limit on Accumulation. Employees may accrue flex leave up to an accumulated total equal to seventy eight (78) times the member’s bi-weekly accrual rate. Effective January 22, 2013 members shall be entitled to accrue flex leave up to a maximum of fifty-two (52) times the member's bi-weekly accrual rate. This limit on accumulation shall apply to both full-time and part-time members. Earned flex leave in excess of the maximum permitted is currently paid bi- weekly at the member's hourly rate of pay (“spillover pay”). Members shall be eligible for flex leave spillover pay only if they have utilized at least eighty (80) hours of flex leave the previous calendar year. Employees who have not utilized the required amount of leave the prior calendar year shall not be eligible to accrue time above the maximum accrual limit.
Limit on Accumulation. Employees may not accumulate more than two (2) times their annual vacation earnings and accrual amounts for their years of employment with the District. Once the maximum accrual is reached, employees cease accruing additional vacation leave until their vacation leave bank drops below the maximum limit. Employees with existing vacation accrual banks in excess of the maximum limit may retain their excess vacation leave or may elect to cash-out the excess vacation hours in addition to the vacation cash out allowed pursuant to Section 12.2.9 of this MOU.
Limit on Accumulation. Whenever the sum of an employee’s current and deferred vacation exceeds that employee’s equivalent annual accrual rate for two years, they shall lose that portion in excess of two years and be compensated for the excess quarterly at the workday rate of pay in effect on the last day of such total accumulation with the following exception: With the approval of the Department Head, an employee may accrue vacation in excess of the two year limit provided all such excess accumulation is taken within three months or paid off quarterly. In no event, however, shall an employee be paid at a higher rate for such excess accumulation by deferring use of said excess than they would have received had they been compensated for the loss as above. The City Manager, within his/her discretion and based on evidence of extenuating circumstances, may temporarily suspend the limit on vacation accumulation, until the extenuating circumstances are reasonably addressed.