Common use of Payout Clause in Contracts

Payout. It is the intent of the Parties that Annual Leave be taken in the year in which earned. In the unusual circumstances that the full annual leave entitlement is not taken by the end of the calendar year, the days remaining to the Employee's credit will be paid out by February 15th of the subsequent year unless carried over in accordance with Article 17.9 or unless paid out at the time of ending of employment.