Minimum Payment for Charter Work Sample Clauses

The Minimum Payment for Charter Work clause establishes a baseline amount that must be paid for services rendered under a charter agreement, regardless of the actual work performed or hours used. In practice, this means that even if the chartered vessel or equipment is used for less time or work than anticipated, the charterer is still obligated to pay at least the specified minimum amount. This clause ensures that the service provider receives a guaranteed level of compensation, protecting them from losses due to underutilization and providing financial predictability.
Minimum Payment for Charter Work. A charter shall be paid a two and a quarter (2.25) hour minimum at current charter rate.
View SourceView Similar (7)

Related to Minimum Payment for Charter Work

  • PAYMENT FOR WORK The H-GAC Customer is responsible for making payment to the Contractor upon delivery and acceptance of the goods or completion of the services and submission of the subsequent invoice.

  • Payment for Working Overtime (a) For all work done outside ordinary hours, the rates of pay will be time and a half for the first two hours and double time thereafter. (b) Except as provided in clause 8.4, in computing overtime each day’s work will stand alone. (c) To avoid doubt, overtime provisions for shift workers are contained in clause 10.7.

  • Payment for Material Completion The Contractor may request payment of the remaining contract balance, including retainage, less amounts credited the Owner or incurred as liquidated damages, and less amounts withheld for the Punchlist by reason of Minor Items or Permitted Incomplete Work (See Paragraph 6.5.3.2). Payment for Material Completion shall be made by a check payable jointly to the Contractor and Surety and shall be mailed to the Surety.

  • Payment for Change of Scope Payment for Change of Scope shall be made in accordance with the payment schedule specified in the Change of Scope Order.

  • Retiree Benefits – Process for Payment Any bargaining unit nurse who retires and wishes to participate in the benefit plans as outlined in article 17.01(h) will provide advance payment of the benefits either through post-dated cheques provided on a yearly basis or through a preauthorized withdrawal process. It is understood that any transaction would be dated the first of each and every month. The Employer will notify the Union of the benefit costs to retired nurses in January of each year, and each time the benefit costs are renegotiated by the Employer.