Market Premiums Clause Samples
The Market Premiums clause defines how additional payments, known as premiums, are determined and applied when market conditions exceed certain baseline or contractually agreed prices. Typically, this clause outlines the circumstances under which a premium is triggered, such as when commodity prices rise above a set threshold, and specifies the calculation method for the extra amount owed. Its core function is to ensure that parties are fairly compensated for market fluctuations, thereby allocating risk and providing financial clarity in volatile markets.
Market Premiums. If the market compensation study determines that the trend line base salary range for a classification is 10% or more below the market target position’s median at both entry and maximum, then the Union and the Employer shall meet to negotiate the appropriate method and economic adjustment (market premium or reclassification) for the classification. The results of the negotiation shall be applied in the following fiscal year. If the Union and Employer agree that reclassification is appropriate, the reclassification shall occur in accordance with the County Classification and
Market Premiums. If the market compensation study determines that the trend line base salary range for a classification is 10% or more below the market target position’s median at both entry and maximum, then the Union and the Employer shall meet to negotiate the appropriate method and economic adjustment (market premium or reclassification) for the classification. The results of the negotiation shall be applied in the following fiscal year. If the Union and Employer agree that reclassification is appropriate, the reclassification shall occur in accordance with the County Classification and Compensation Policy (HR-001). If the Union and the employer agree that a Market Premium is appropriate, the negotiated market premium amount will be applied to the entire salary range for the classification. The base salary range for the classification will remain unchanged. This Market Premium subject matter is subject to the provisions of Section 20.6.
Market Premiums. Notwithstanding the provisions of Section 10.02, if, (a) with its delivery of an AOB Objection Notice pursuant to Section 10.02, Lessee objects to Manager’s determination of Health Care Premiums for the ensuing Plan year, in either case on the basis that such Health Care Premiums are in excess of Market Premiums, and (b) after Manager’s resubmission of such Annual Operating Budget to Lessee pursuant to Section 10.02, Lessee delivers a further AOB Objection Notice to Manager on such basis, then Manager and Lessee shall engage a consultant acceptable to the parties to determine the Market Premiums. If the consultant’s opinion reflects Market Premiums lower than the Health Care Premiums proposed by Manager in its proposed Annual Operating Budget (or any resubmission thereof), Manager will pay the expenses of the consultant and shall have the option to charge the Market Premiums determined by the consultant; provided, that, if Manager does not exercise such option to charge Market Premiums as determined by the consultant within thirty (30) days after the consultant’s determination thereof, then, notwithstanding anything herein or in the Mutual Exclusivity Agreement to the contrary, Manager may engage a third party to administer or otherwise provide a medical and health Benefit Plan in lieu of the Plan. If, however, the consultant determines that the Health Care Premiums proposed by Manager in the proposed Annual Operating Budget (or any resubmission thereof) is at or below Market Premiums, then Lessee shall pay the expenses of the consultant and shall pay the Health Care Premiums initially proposed by Manager in such Annual Operating Budget (or any resubmission thereof).
Market Premiums. If the market compensation study indicates that the salary range for a classification is significantly below the market midpoint, then the Union and the Employer shall meet to negotiate the appropriate method and economic adjustment (market premium or reclassification) for the classification. The results of the negotiation shall be applied in the following fiscal year. If the Union and Employer agree that reclassification is appropriate, the reclassification shall occur in accordance with Exhibit “C”. If the Union and the employer agree that a Market Premium is appropriate, the negotiated market premium amount will be applied to the entire salary range for the classification. The base salary range for the classification will remain unchanged. Job classifications with market premiums added to the base salary range will continue to be included in all comprehensive surveys of Decision Band Method classifications within the occupational group until such time as the base salary range for the classification is not significantly below the market. The market premium amounts for a classification may change up or down each time the market is studied depending upon the data received from the market compensation study for the classification. Should the market premium amount not be significantly below the target market position of the County, then the market premium will be eliminated and the salary for individual positions will be the individual’s current increment in the base salary range for the job classifications. 8 hr 8 hrA12 7.5 hr 7.5 hr YR MO HR MO YR 37,153 3,096 17.86 2,903 34,831 37,896 3,158 18.22 2,961 35,527 38,654 3,221 18.58 3,020 36,238 39,427 3,286 18.96 3,080 36,963 40,215 3,351 19.33 3,142 37,702 41,020 3,418 19.72 3,205 38,456 41,840 3,487 20.12 3,269 39,225 42,677 3,556 20.52 3,334 40,010 43,530 3,628 20.93 3,401 40,810 44,401 3,700 21.35 3,469 41,626 45,289 3,774 21.77 3,538 42,458 46,195 3,850 22.21 3,609 43,308 47,119 3,927 22.65 3,681 44,174 8 hr 8 hrB23 7.5 hr 7.5 hr YR MO HR MO YR 50,490 4,207 24.27 3,945 47,334 51,499 4,292 24.76 4,023 48,281 52,529 4,377 25.25 4,104 49,246 53,580 4,465 25.76 4,186 50,231 54,652 4,554 26.27 4,270 51,236 55,745 4,645 26.80 4,355 52,261 56,860 4,738 27.34 4,442 53,306 57,997 4,833 27.88 4,531 54,372 59,157 4,930 28.44 4,622 55,459 60,340 5,028 29.01 4,714 56,569 61,547 5,129 29.59 4,808 57,700 62,778 5,231 30.18 4,904 58,854 64,033 5,336 30.79 5,003 60,031 8 hr 8 hrB24/B31 7.5 hr 7.5 hr YR MO HR MO YR 55,951...
Market Premiums. If the market compensation study indicates that the trend line base salary range for a classification is ten percent (10%) or more below the market target position’s median at both entry and maximum, then the Union and the Employer shall meet to negotiate the appropriate method and economic adjustment (market premium or reclassification) for the classification. The results of the negotiation shall be applied in the following fiscal year. If the Union and Employer agree that reclassification is appropriate, the reclassification shall occur in accordance with the County Classification and Compensation Policy (HR-001). If the Union and the Employer agree that a Market Premium is appropriate, the negotiated market premium amount will be applied to the entire salary range for the classification. The base salary range for the classification will remain unchanged. This Market Premium subject matter is subject to the provisions of Section 8.6. Job classifications with market premiums added to the base salary range will continue to be included in all comprehensive surveys of Decision Band Method classifications within the occupational group until such time as the base salary range for the classification is within ten percent (10%) of the target market level for the classification. The market premium amounts for a classification may change up or down each time the market is studied depending upon the data received from the market compensation study for the classification. Should the market premium amount fall to less than ten percent (10%) below the target market position of the County, then the market premium will be eliminated and the salary for individual positions will be the individual’s current step/increment in the base salary range for the job classification. This paragraph is subject to the outcome of the provisions of Section 8.8.
Market Premiums. If the market compensation study indicates that the base salary range for a classification is 10% or more below Yakima County’s market target position for the year, then a market premium amount may be established that approximates the difference between the target market position compensation level and the job rate for the classification. If a market premium is negotiated, the market premium amount will be added to the entire salary range for the classification. The base salary range for the classification will remain unchanged.
Market Premiums. If the market compensation study indicates that the trend line base salary range for a classification is 10% or more below the market target position’s median at both entry and maximum , then