Reclassif ication Sample Clauses
A Reclassification clause defines the process by which certain items, assets, or obligations may be re-categorized under a contract. Typically, this clause outlines the circumstances or criteria under which reclassification can occur, such as changes in accounting standards, regulatory requirements, or business operations. For example, an asset initially classified as a current asset may be reclassified as a long-term asset if its use or expected realization changes. The core function of this clause is to provide flexibility and ensure that contractual terms remain accurate and relevant as circumstances evolve, thereby reducing the risk of disputes or misinterpretation.
Reclassif ication. When the School Board approves the reclassif ication of a posit ion and that posit ion is assigned to a higher pay grade, the incumbent shall receive a salary increase of f ive percent (5% ) or he/she is placed at the minimum of the new pay grade w hichever is greater. When a posit ion is reclassif ied and assigned to a low er pay grade or w hen the minimum or maximum salary for a pay grade is decreased, the pay of an incumbent employee’s salary may remain unchanged unless the annual salary is less than the minimum of the new pay grade. If the employee’s salary exceeds the maximum of the new pay grade, the employee’s salary shall not be adjust ed for the remainder of the f iscal year of the effective change.