Parity Clause Clause Samples

A Parity Clause is a contractual provision that ensures one party receives terms, benefits, or conditions that are at least equal to those granted to another party, often within the same agreement or across similar agreements. In practice, this clause may require that if a more favorable term is offered to another party, the beneficiary of the parity clause must automatically receive the same or equivalent terms. For example, in licensing or supply agreements, it can guarantee that a licensee or supplier is not disadvantaged compared to others. The core function of a Parity Clause is to maintain fairness and prevent discrimination by ensuring all relevant parties are treated equally under the contract.
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Parity Clause. During the term of the agreement, should any other Bargaining Unit Member with the same job classifications and titles, receives any wage or benefit enhancements that exceed those contained in this agreement, the SEIU Bargaining Unit Member with the same classification and title shall receive such wages or benefits retroactive to the date such wages or benefits went into effect.
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Parity Clause. The employer agrees to utilize the POAM contract as a base to achieve parity of benefits for the command group. The command group shall be entitled to include in their contract any positive/increased benefits that may be given to the POAM group for which the COAM does not have equal or better.
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Parity Clause. During the last year of this Agreement, should the Employer provide any other bargaining unit within the Sheriff’s Office a cost-of-living adjustment or wage increase greater than that which is provided for in this Agreement, the Employer shall adjust the wages paid to employees covered hereunder in an amount equal to the percentage increase granted to employees in the other Sheriff’s Office bargaining unit(s). Such adjustments shall be effective at the time the wage adjustment is granted to employees in the other bargaining unit(s).
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Parity Clause. If an employee bargaining group is granted an increase in benefit the management employee supervising their group shall be granted the same increase in benefit, provided they are contractually eligible for the benefit.
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Parity Clause 
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Related to Parity Clause

  • Separability Clause In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

  • Priorities Clause In the event of any conflict, discrepancy or ambiguity between the terms and conditions contained in this Agreement and any Schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.

  • Severability Clause In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

  • Priority of Notes Note A-1 and Note A-2 shall be of equal priority, and no portion of any of Note A-1 or Note A-2 shall have priority or preference over any portion of the other Note or security therefor. Except for the Excluded Amounts, all amounts tendered by the Borrower or otherwise available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other instrument serving as security on the Mortgage Loan, proceeds under title, hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power of eminent domain shall be distributed by the Master Servicer and applied to Note A-1 and Note A-2 on a Pro Rata and Pari Passu Basis. The Servicing Agreement may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to (i) pay the Master Servicer, the Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) to pay the parties to any Securitization for interest accrued on any P&I Advance, (iii) to pay certain other expenses incurred with respect to the Mortgage Loan and (iv) to pay to the Master Servicer and/or the Special Servicer as additional servicing compensation, except that, for so long as Note A-2 is not included in a Securitization, any Penalty Charges allocated to Note A-2 that are not applied pursuant to clauses (i)-(iii) above shall be remitted to the respective Holder and shall not be paid to the Master Servicer and/or the Special Servicer without the express consent of such Holder.

  • ZIPPER CLAUSE 1. This Agreement sets forth the full and entire understanding of the parties regarding the matters herein. This Agreement may be modified, but only in writing, upon the mutual consent of the parties.