Ratification Payment Clause Samples
A Ratification Payment clause establishes the obligation for one party to make a specified payment upon the formal approval or ratification of an agreement. Typically, this payment is triggered once all parties have signed the contract or when a particular milestone, such as regulatory approval, is achieved. For example, in a merger agreement, the buyer may be required to pay a ratification fee to the seller once the deal is officially ratified by both boards. The core function of this clause is to incentivize timely ratification and provide assurance that certain financial commitments will be honored upon formalization of the agreement.
Ratification Payment. The Ratification Payment for wage levelled employees shall be based on 2.5% of each employee’s wages for all hours worked, including paid vacation and paid statutory holidays between January 1, 2019 and the effective date of wage levelling (May 15, 2020) and will be aligned to the closest pay periods. Any ratification Payment would only apply to employees employed on the date of ratification and who were employed as of the official start of “wage levelling” (May 15, 2020). The Ratification Payment will be paid within four (4) pay periods of the date of ratification.
Ratification Payment. The School Committee shall pay all paraprofessionals who are in the bargaining unit as of November 1, 2016 and who are employed in the bargaining unit continuously as of September 1, 2014, the following one-time ratification payment to be made on or about December 31, 2016:
Ratification Payment. Provided that this Agreement is ratified by the Guild on or before September 15, 2022, Verso, Inc. will pay a $1,250.00 ratification payment (less withholding and deductions) to each Employee by no later than September 30, 2022.
Ratification Payment. A $1,000.00 payment will be made to all Union represented employees upon ratification. Employees may request to have their ratification payment deposited into their Health Savings Account (HSA).
Ratification Payment. Total ratification payment of $500 for each non-probationary employee. Active employees, as of date of ratification, will receive this payment the 1st full pay following ratification.
Ratification Payment. In consideration of ratification of this Agreement, employees who are covered by this collective bargaining agreement and are on the active payroll as of March 6, 2003, and November 14, 2004, shall receive a one-time two percent (2%) lump sum ratification payment in pay period that includes December 1, 2004. This two percent (2%) payment shall be based on the annualization of the top step rate of the pay range in which the employee is in on November 14, 2004, and is not to be included in the wage base. Less than full-time employees shall receive a pro-rated amount based on the number of hours worked in the twenty-six (26) pay periods preceding November 14, 2004. This payment shall not be subject to PERS withholding.
Ratification Payment. A $1,000.00 payment will be made to all Union represented employees upon ratification.
Ratification Payment. In consideration of ratification of this Agreement, employees who are covered by this collective bargaining agreement and are on the active payroll as of March 6, 2003, and November 14, 2004, shall receive a one-time two percent (2%) lump sum ratification payment in pay period that includes December 1, 2004, which will be calculated in the following manner. For people paid according to Section 21.02, this two percent (2%) payment shall be based on the annualization of step eleven (11) of the pay range in which the employee is in on November 14, 2004, and is not to be included in the wage base. For people paid according to Section 21.05, this two percent (2%) payment shall be based on the annualization of step eleven (11) of the pay range in which the employee is in on November 14, 2004, and is not to be included in the wage base. For people paid according to Section 21.09, this two percent (2%) payment shall be based on the annualization of the top step rate of the pay range in which the employee is in on November 14, 2004, and is not to be included in the wage base. Less than full-time employees shall receive a pro-rated amount based on the number of hours worked in the twenty-six (26) pay periods preceding November 14, 2004. This payment shall not be subject to PERS/STRS withholding. The forms on the following pages constitute the performance evaluation forms re ferenced in Article 8 of this Agreement. The Employer may change these forms with prior notice to the Association. The following is a sample grievance settlement form. This Agreement made __________ by and between the ___________________________(________) SCOPE - State Council of Professional Educators (OEA/NEA), and (Employee), parties hereto.
Ratification Payment. Active full-time employees as of the date of ratification will receive a $1,000.00 lump sum payment, less applicable taxes. Inactive full-time employees, including those on approved leave of absence, workers’ compensation and disability leave, shall receive the $1,000.00 lump sum payment upon recall or return to active full-time status between date of ratification and December 31, 2018. Casual employees, as of the date of ratification, who have worked at least 300 hours between September 1, 2017 and March 31, 2018 will receive a $500.00 lump sum payment. Payment of the lump sum will be made by separate check and within thirty days of date of ratification.
Ratification Payment