Phase Down Period Clause Samples
The Phase Down Period clause defines a specific timeframe during which certain obligations, services, or activities are gradually reduced or wound down. Typically, this clause applies when a contract is ending or being transitioned, and it outlines how responsibilities such as service delivery, payments, or resource commitments will decrease over the designated period. Its core practical function is to ensure an orderly and predictable reduction of activities, minimizing disruption and allowing both parties to adjust smoothly to the end of the contractual relationship.
Phase Down Period. Eligible faculty members may elect to take a reduced workload over a period of one year to three years (“the phase-down period”), followed by full retirement at the end of the phase-down period. A participating faculty member must choose his or her phase-down period at the time the faculty member elects to participate in the Program.
Phase Down Period. The phase-down period will commence at the end of the Contract term. The phase-down shall not exceed two years unless the parties mutually agree to an extension. The Contract term set forth in Section F shall be extended to coincide with the phase-down period and any extensions thereof.
Phase Down Period. Commencing with the first year following the term in which notice of termination has been given, the Phase Down Period shall begin. The Phase Down Period shall continue for four (4) years, and shall terminate on the first day of the fifth Year. Not later than one (1) year prior to the beginning of the Phase Down Period, the Parties shall negotiate with respect to the quantities of Products to be sold and delivered during each successive year. In the event that the Parties are unable to agree with respect thereto, the percentage of the NGL's owned, controlled or otherwise available for sale which are to be sold and delivered hereunder during each Year of the Phase Down period shall be equal to the percentages shown in the following table: Year of Phase Down Percentage Period ------------------ ---------- 1 80% ------------------ ---------- 2 60% ------------------ ---------- 3 40% ------------------ ---------- 4 20% ------------------ ----------
Phase Down Period. The two (2) year phase down period, invoked by either party pursuant to Section 3.02 or Section 6.03.