Payout on Termination Clause Samples
The "Payout on Termination" clause defines the financial obligations that arise when a contract is ended before its natural expiration. Typically, this clause outlines how much one party must pay the other upon termination, which may include accrued fees, outstanding balances, or specific termination payments. Its core function is to ensure both parties understand the financial consequences of ending the agreement early, thereby reducing disputes and providing certainty regarding final payments.
Payout on Termination. When an employee terminates for any reason and the employee has earned, but not used vacation leave, the employee or the estate of the deceased employee shall be paid any outstanding vacation amount earned to the date of termination, at the daily rate of pay applicable to the employee immediately prior to the termination of employment.
Payout on Termination. An employee upon termination, except in the case of summary dismissal, shall be paid all their accrued unused sick leave. Payment of accrued unused sick leave will be calculated at 69.6% of the employee’s aggregate wage at the time of termination.
Payout on Termination. The MCWD shall, upon termination or resignation of an employee, compensate that employee for his/her accrued vacation time and compensatory time at his/her current rate of pay.
Payout on Termination. Note: this sub-clause only applies to Employees employed by Bradken Resources Pty Limited prior to 15 August 2023 with continuous service back to this period.
Payout on Termination. Upon termination of employment payment in lieu of untaken Annual Leave entitlements (including any applicable loadings and allowances) will be made.