Optional Methods of Payment Clause Samples
The "Optional Methods of Payment" clause defines the various ways in which a party may fulfill its payment obligations under a contract. This clause typically lists acceptable payment methods such as wire transfer, check, credit card, or electronic funds transfer, and may specify any conditions or limitations for each method. By outlining these options, the clause provides flexibility for the payer and ensures both parties are clear on how payments can be made, reducing the risk of disputes over payment procedures.
Optional Methods of Payment. Optional methods of payment may be elected in accordance with the provisions of Section 4.04, subject to the limitations contained in Section 4.05.
Optional Methods of Payment. (1) An Employee may elect, with spouse consent, if applicable, one of the following options with respect to the pension payable to him following his retirement. Either of these options may be elected only by a notice in writing on a form provided by the Pension Committee, and to be made to such Committee during the "election period" (which shall mean the period beginning 90 days prior to the date upon which benefits are to commence, and ending on that date). Any election by an Employee under this Article III may be revoked and a new election made at any time during the election period. Death of either the Employee, or his designated Beneficiary or designated Contingent Annuitant as the case may be, prior to the employee's normal retirement date shall nullify any option previously elected. Death at any time of either the Employee, or his designated Beneficiary or designated Contingent Annuitant as the case may be after the Employee's Normal Retirement Date shall not nullify any option previously elected. Provided, however, that with respect to an Employee who retires pursuant to Article II, Paragraph 2 (a), death of Contingent Annuitant on or after the first day of the month following the later of his retirement and his attainment of 62 years of age shall not nullify any option previously selected. The monthly pension payable to an Employee who had elected an optional form of pension, shall, effective with the month following that in which his or her Normal Retirement Date occurs, be payable for a term certain period ending with the month in which the fifth anniversary of such Normal Retirement Date occurs, if living, otherwise to the designated Beneficiary or to the designated Contingent Annuitant, as the case may be. The monthly amount of pension for such term certain period shall, for a Normal Pension, be computed in accordance with the provisions of Paragraph (1) of Article II, and for any Early Pension or Disability Pension, be the amount that would become payable for the month following that in which the retired former Employee's Normal Retirement Date occurs. Effective with the month following the last month of such term certain period, the monthly amount of pension and the conditions with respect to its payment will be subject to the appropriate provisions of the options, which are, with respect to:
Optional Methods of Payment. If one of the optional methods of payment, whether automatic or selected by Laue▇, ▇▇ applicable to the benefit payable to Laue▇, ▇▇s beneficiary, or his Contingent Annuitant under the Salaried Plan, then payment of any special retirement benefit under the Special Plan will be made in accordance with such option, subject, however, to the approval of the Compensation and Organization Committee of the Board of Directors of Oglebay. The amount of the special retirement benefit payable to Laue▇, ▇▇s beneficiary, or his Contingent Annuitant shall be reduced to reflect any such optional method of payment. In making the determination and reductions provided for in this Section 3, Oglebay may rely upon calculations made by the independent actuaries for the Salaried Plan, who shall apply the factors then in use for such purpose in connection with the Salaried Plan.