Normal Payments - In General Sample Clauses
The 'Normal Payments - In General' clause defines the standard procedures and expectations for making regular payments under an agreement. It typically outlines when payments are due, acceptable methods of payment, and any requirements for documentation or notification. For example, it may specify that payments must be made monthly via bank transfer and received by a certain date. This clause ensures both parties understand their payment obligations, reducing the risk of disputes and promoting timely, predictable financial transactions.
Normal Payments - In General. 25 1. Such longevity pay shall be paid to each eligible employee in 26 January and July of each year and shall normally cover the six 27 (6) months preceding the month in which payment is made.
28 2. Longevity pay for each eligible employee shall be calculated by 29 multiplying the base pay of such employee for the month of 30 January or July next preceding the month in which such 31 longevity pay is to be paid by the number of months intervening 1 from the month preceding the month in which longevity pay 2 was last made to and including the month preceding the month 3 in which payment of longevity pay is to be made. The results 4 thus obtained shall then be multiplied by the applicable 5 percentage rate as shown in the schedule in Section 21.1 and 6 the result shall be the amount of longevity pay to be paid.