Common use of Repayment on Termination Clause in Contracts

Repayment on Termination. 4.1 In the event that this Contract is terminated for any reason before the Participant has completed Postgraduate Medical Education and the Return of Service Term (including due to the Participant breaching the Return of Service or other obligations under the Contract), the Participant must pay to the Province the Repayment Amount. 4.2 The Repayment Amount is the amount set out in column in the table below that corresponds to the timing of the breach of the Contract by the Participant that gives rise to termination of the Contract: Timing of Breach (as per Section 9.1): Repayment Amount: A Upon signature of this Contract until the start of the Participant’s first day of Residency. Explanation Estimate of one-year cost of Postgraduate Medical Education, plus Compound Interest. $125,000 plus Compound Interest, calculated starting on the first day of Residency B Between the Participant’s first day of Residency and the last day of the Participant’s Year 1 of Residency. Explanation Estimate of two-years costs of Postgraduate Medical Education, plus Compound Interest. $250,000 plus Compound Interest for $125,000 of the $250,000, calculated starting on the first day of Year 1 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 2 of Residency C Between the Participant’s first day of Year 2 of Residency and the last day of the Participant’s Year 2 of Residency. Explanation Estimate of three-years costs of Postgraduate Medical Education, plus Compound Interest. $375,000 plus Compound Interest for $125,000 of the $375,000, calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $375,000, calculated starting on the first day of Year 2 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 3 of Residency D Between the first day of the Participant’s Year 3 of Residency and completion of Return of Service in full. Up to $804,000 plus Compound Interest for $125,000 of the $804,000, Initial here Explanation Estimate of three-years costs or four-years costs as applicable of Postgraduate Medical Education as determined by the University of British Columbia, plus Compound Interest. Starting in the final year of Re-entry Residency, the Repayment Amount also includes liquidated damages associated with Participant’s breach of the Contract, plus Compound Interest. The Repayment Amount is not pro-rated based on partial completion of Return of Service Term. calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $804,000, calculated starting on the first day of Year 2 of Residency plus Compound Interest for $125,000 of the $804,000, calculated starting on the first day of Year 3 of Residency plus Compound Interest for $125,000 of the $804,000, calculated starting on the first day of Year 4 of Residency, if applicable plus Compound Interest for the remaining $304,000, calculated starting on the date the Participant first breaches the Contract, if applicable (collectively the “Repayment Amount”). 4.3 The Parties agree that the Repayment Amount is a reasonable estimate and determination of the Postgraduate Medical Education costs and liquidated damages (if applicable) that the Province will suffer in the event that the Contract is terminated before the Participant has completed the Return of Service in full, recognizing that: (a) the Province will incur approximately $375,000 in costs to fund the Participant’s three-year Postgraduate Medical Education or approximately $500,000 in costs to fund the Participant’s four-year Postgraduate Medical Education, as set out in Section 3.1; (b) a replacement participant is required for the Return of Service community in the event the Participant does not complete the Return of Service, and the Province will have to pay the amounts referred to in (a) above to educate the replacement participant; and (c) a service gap is created if the Participant does not complete the Return of Service obligations for the Return of Service Term, and the Province will incur additional costs for related administration and to ensure that comparable services are provided in the Placement community (e.g. the possibility of increased ambulance costs and reimbursement for patient travel, significant long term costs due to less early detection or patient management that is associated with reduced access to specialty health care service in a community, etc.). Due to the Placement timeframe, it takes approximately one (1) year to fill a Return of Service vacancy in British Columbia. Such costs are difficult to quantify, but the Parties agree that $304,000 is a reasonable estimate of such damages for the purposes of this Contract, which is a sum that represents the average annual payment for a full-time equivalent physician in Psychiatry in British Columbia during fiscal year 2020/21. 4.4 Within thirty (30) days following termination of the Contract, the Participant will pay to the Province the Repayment Amount in full. The Repayment Amount is a “debt due to the government” within the meaning of the Financial Administration Act. 4.5 If the Participant fails to pay the full Repayment Amount within thirty

Appears in 2 contracts

Samples: Return of Service Contract, Return of Service Contract

AutoNDA by SimpleDocs

Repayment on Termination. 4.1 In the event that this Contract is terminated for any reason before the Participant has completed Postgraduate Medical Education and the Return of Service Term (including due to the Participant breaching the Return of Service or other obligations under the Contract), the Participant must pay to the Province the Repayment Amount. 4.2 The Repayment Amount is the amount set out in column in the table below that corresponds to the timing of the breach of the Contract by the Participant that gives rise to termination of the Contract: Timing of Breach (as per Section 9.1): Repayment Amount: A Upon signature of this Contract until the start of the Participant’s first day of Residency. Explanation Estimate of one-year cost of Postgraduate Medical Education, plus Compound Interest. $125,000 plus Compound Interest, calculated starting on the first day of Residency B Between the Participant’s first day of Residency and the last day of the Participant’s Year 1 of Residency. Explanation Estimate of two-years costs of Postgraduate Medical Education, plus Compound Interest. $250,000 plus Compound Interest for $125,000 of the $250,000, calculated starting on the first day of Year 1 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 2 of Residency C Between the Participant’s first day of Year 2 of Residency and the last day of the Participant’s Year 2 of Residency. Explanation Estimate of three-years costs of Postgraduate Medical Education, plus Compound Interest. $375,000 plus Compound Interest for $125,000 of the $375,000, calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $375,000, calculated starting on the first day of Year 2 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 3 of Residency D Between the first day of the Participant’s Year 3 of Residency and completion of Return of Service in full. Up to $804,000 761,000 plus Compound Interest for $125,000 of the $804,000, 799,000 Initial here Explanation Estimate of three-years costs or four-years costs as applicable of Postgraduate Medical Education as determined by the University of British Columbia, plus Compound Interest. Starting in the final year of Re-entry Residency, the Repayment Amount also includes and liquidated damages damaged associated with Participant’s breach of the Contract, plus Compound Interest. The Repayment Amount is not pro-rated based on partial completion of Return of Service Term. calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $804,000, 761,000 calculated starting on the first day of Year 2 of Residency plus Compound Interest for another $125,000 of the $804,000761,000, calculated starting on the first day of Year 3 of Residency plus Compound Interest for $125,000 of the $804,000, calculated starting on the first day of Year 4 of Residency, if applicable plus Compound Interest for the remaining $304,000386,000, calculated starting on the date the Participant first breaches the Contract, if applicable Contract (collectively the “Repayment Amount”). 4.3 The Parties agree that the Repayment Amount is a reasonable estimate and determination of the Postgraduate Medical Education costs and liquidated damages (if applicable) that the Province will suffer in the event that the Contract is terminated before the Participant has completed the Return of Service in full, recognizing that: (a) the Province will incur approximately $375,000 in costs to fund the Participant’s three-year Postgraduate Medical Education or approximately $500,000 in costs to fund the Participant’s four-year Postgraduate Medical Education, as set out in Section 3.1; (b) a replacement participant is required for the Return of Service community in the event the Participant does not complete the Return of Service, and the Province will have to pay the amounts referred to in (a) above to educate the replacement participant; and (c) a service gap is created if the Participant does not complete the Return of Service obligations for the Return of Service Term, and the Province will incur additional costs for related administration and to ensure that comparable services are provided in the Placement community (e.g. the possibility of increased ambulance costs and reimbursement for patient travel, significant long term costs due to less early detection or patient management that is associated with reduced access to specialty health care service in a community, etc.). Due to the Placement timeframe, it takes approximately one (1) year to fill a Return of Service vacancy in British Columbia. Such costs are difficult to quantify, but the Parties agree that $304,000 386,000 is a reasonable estimate of such damages for the purposes of this Contract, which is a sum that represents the average annual payment for a full-time equivalent physician in Psychiatry Dermatology in British Columbia during fiscal year 2020/21. 4.4 Within thirty (30) days following termination of the Contract, the Participant will pay to the Province the Repayment Amount in full. The Repayment Amount is a “debt due to the government” within the meaning of the Financial Administration Act. 4.5 If the Participant fails to pay the full Repayment Amount within thirty

Appears in 2 contracts

Samples: Return of Service Contract, Return of Service Contract

Repayment on Termination. 4.1 In the event that this Contract is terminated for any reason before the Participant has completed Postgraduate Medical Education and the Return of Service Term (including due to the Participant breaching the Return of Service or other obligations under the Contract), the Participant must pay to the Province the Repayment Amount. 4.2 The Repayment Amount is the amount set out in column in the table below that corresponds to the timing of the breach of the Contract by the Participant that gives rise to termination of the Contract: Timing of Breach (as per Section 9.1): Repayment Amount: A Upon signature of this Contract until the start of the Participant’s first day of Residency. Explanation Estimate of one-year cost of Postgraduate Medical Education, plus Compound Interest. $125,000 plus Compound Interest, calculated starting on the first day of Residency B Between the Participant’s first day of Residency and the last day of the Participant’s Year 1 of Residency. Explanation Estimate of two-years costs of Postgraduate Medical Education, plus Compound Interest. $250,000 plus Compound Interest for $125,000 of the $250,000, calculated starting on the Estimate of two-years costs of Postgraduate Medical Education, plus Compound Interest. first day of Year 1 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 2 of Residency C Between the Participant’s first day of Year 2 of Residency and the last day of the Participant’s Year 2 of Residency. Explanation Estimate of three-years costs of Postgraduate Medical Education, plus Compound Interest. $375,000 plus Compound Interest for $125,000 of the $375,000, calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $375,000, calculated starting on the first day of Year 2 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 3 of Residency D Between the Participant’s first day of Year 3 of Residency and the last day of the Participant’s Year 3 of Residency. Explanation Estimate of four-years costs of Postgraduate Medical Education, plus Compound Interest. $500,000 plus Compound Interest for $125,000 of the $500,000, calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $500,000, calculated starting on the first day of Year 2 of Residency plus Compound Interest for $125,000 of the $500,000, calculated starting on the first day of Year 3 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 4 of Residency E Between the first day of the Participant’s Year 3 4 of Residency and completion of Return of Service in full. Up to $804,000 plus Compound Interest for $125,000 of the $804,000, Initial here Explanation Estimate of three-years costs or four-years costs as applicable of Postgraduate Medical Education as determined by the University of British Columbia, plus Compound Interest. Starting in the final year of Re-entry Residency, the Repayment Amount also includes and liquidated damages damaged associated with Participant’s breach of the Contract, plus Compound Interest. The Repayment Amount is not pro-rated based on partial completion of Return of Service Term. $872,000 plus Compound Interest for $125,000 of the $872,000 calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $804,000, 872,000 calculated starting on the first day of Year 2 of Residency plus Compound Interest for another $125,000 of the $804,000872,000, calculated Initial here starting on the first day of Year 3 of Residency plus Compound Interest for another $125,000 of the $804,000872,000, calculated starting on the first day of Year 4 of Residency, if applicable Residency plus Compound Interest for the remaining $304,000372,000, calculated starting on the date the Participant first breaches the Contract, if applicable Contract (collectively the “Repayment Amount”). 4.3 The Parties agree that the Repayment Amount is a reasonable estimate and determination of the Postgraduate Medical Education costs and liquidated damages (if applicable) that the Province will suffer in the event that the Contract is terminated before the Participant has completed the Return of Service in full, recognizing that: (a) the Province will incur approximately $375,000 in costs to fund the Participant’s three-year Postgraduate Medical Education or approximately $500,000 in costs to fund the Participant’s four-year Postgraduate Medical Education, as set out in Section 3.1; (b) a replacement participant is required for the Return of Service community in the event the Participant does not complete the Return of Service, and the Province will have to pay the amounts referred to in (a) above to educate the replacement participant; and (c) a service gap is created if the Participant does not complete the Return of Service obligations for the Return of Service Term, and the Province will incur additional costs for related administration and to ensure that comparable services are provided in the Placement community (e.g. the possibility of increased ambulance costs and reimbursement for patient travel, significant long term costs due to less early detection or patient management that is associated with reduced access to specialty health care service in a community, etc.). Due to the Placement timeframe, it takes approximately one (1) year to fill a Return of Service vacancy in British Columbia. Such costs are difficult to quantify, but the Parties agree that $304,000 372,000 is a reasonable estimate of such damages for the purposes of this Contract, which is a sum that represents the average annual payment for a full-time equivalent physician in Psychiatry Internal Medicine in British Columbia during fiscal year 2020/21. 4.4 Within thirty (30) days following termination of the Contract, the Participant will pay to the Province the Repayment Amount in full. The Repayment Amount is a “debt due to the government” within the meaning of the Financial Administration Act. 4.5 If the Participant fails to pay the full Repayment Amount within thirty

Appears in 1 contract

Samples: Return of Service Contract

Repayment on Termination. 4.1 In the event that this Contract is terminated for any reason before the Participant has completed Postgraduate Medical Education and the Return of Service Term (including due to the Participant breaching the Return of Service or other obligations under the Contract), the Participant must pay to the Province the Repayment Amount. 4.2 The Repayment Amount is the amount set out in column in the table below that corresponds to the timing of the breach of the Contract by the Participant that gives rise to termination of the Contract: Timing of Breach (as per Section 9.1): Repayment Amount: A Upon signature of this Contract until the start of the Participant’s first day of Residency. Explanation Estimate of one-year cost of Postgraduate Medical Education, plus Compound Interest. $125,000 plus Compound Interest, calculated starting on the first day of Residency B Between the Participant’s first day of Residency and the last day of the Participant’s Year 1 of Residency. Explanation Estimate of two-years costs of Postgraduate Medical Education, plus Compound Interest. $250,000 plus Compound Interest for $125,000 of the $250,000, calculated starting on the first day of Year 1 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 2 of Residency C Between the Participant’s first day of Year 2 of Residency and the last day of the Participant’s Year 2 of Residency. Explanation Estimate of three-years costs of Postgraduate Medical Education, plus Compound Interest. $375,000 plus Compound Interest for $125,000 of the $375,000, calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $375,000, calculated starting on the first day of Year 2 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 3 of Residency D Between the first day of the Participant’s Year 3 of Residency and completion of Return of Service in full. Up to $804,000 628,000 plus Compound Interest for $125,000 of the $804,000, 628,000 Initial here Explanation Estimate of three-years costs or four-years costs as applicable of Postgraduate Medical Education as determined by the University of British Columbia, plus Compound Interest. Starting in the final year of Re-entry Residency, the Repayment Amount also includes and liquidated damages damaged associated with Participant’s breach of the Contract, plus Compound Interest. The Repayment Amount is not pro-rated based on partial completion of Return of Service Term. calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $804,000, 628,000 calculated starting on the first day of Year 2 of Residency plus Compound Interest for another $125,000 of the $804,000628,000, calculated starting on the first day of Year 3 of Residency plus Compound Interest for $125,000 of the $804,000, calculated starting on the first day of Year 4 of Residency, if applicable plus Compound Interest for the remaining $304,000253,000, calculated starting on the date the Participant first breaches the Contract, if applicable Contract (collectively the “Repayment Amount”). 4.3 The Parties agree that the Repayment Amount is a reasonable estimate and determination of the Postgraduate Medical Education costs and liquidated damages (if applicable) that the Province will suffer in the event that the Contract is terminated before the Participant has completed the Return of Service in full, recognizing that: (a) the Province will incur approximately $375,000 in costs to fund the Participant’s three-year Postgraduate Medical Education or approximately $500,000 in costs to fund the Participant’s four-year Postgraduate Medical Education, as set out in Section 3.1; (b) a replacement participant is required for the Return of Service community in the event the Participant does not complete the Return of Service, and the Province will have to pay the amounts referred to in (a) above to educate the replacement participant; and (c) a service gap is created if the Participant does not complete the Return of Service obligations for the Return of Service Term, and the Province will incur additional costs for related administration and to ensure that comparable services are provided in for the Placement community (e.g. the possibility of increased ambulance costs and reimbursement for patient travel, significant long term costs due to less early detection or patient management that is associated with reduced access to specialty health care service in a community, etc.)Agency. Due to the Placement timeframe, it It takes approximately one (1) year to fill a Return of Service vacancy in British Columbia. Such costs are difficult to quantify, but the Parties agree that $304,000 253,000 is a reasonable estimate of such damages for the purposes of this Contract, which is a sum that represents the average annual payment minimum service contract rate for a full-time equivalent physician Medical Health Officer registered with the Royal College of Physicians and Surgeons of Canada in Psychiatry Public Health and Preventive Medicine in British Columbia during fiscal year 2020/212021/22. 4.4 Within thirty (30) days following termination of the Contract, the Participant will pay to the Province the Repayment Amount in full. The Repayment Amount is a “debt due to the government” within the meaning of the Financial Administration Act. 4.5 If the Participant fails to pay the full Repayment Amount within thirty

Appears in 1 contract

Samples: Return of Service Contract

AutoNDA by SimpleDocs

Repayment on Termination. 4.1 In the event that this Contract is terminated for any reason before the Participant has completed Postgraduate Medical Education and the Return of Service Term (including due to the Participant breaching the Return of Service or other obligations under the Contract), the Participant must pay to the Province the Repayment Amount. 4.2 The Repayment Amount is the amount set out in column in the table below that corresponds to the timing of the breach of the Contract by the Participant that gives rise to termination of the Contract: Timing of Breach (as per Section 9.1): Repayment Amount: A Upon signature of this Contract until the start of the Participant’s first day of Residency. Explanation Estimate of one-year cost of Postgraduate Medical Education, plus Compound Interest. $125,000 plus Compound Interest, calculated starting on the first day of Residency B Between the Participant’s first day of Residency and the last day of the Participant’s Year 1 of Residency. Explanation Estimate of two-years costs of Postgraduate Medical Education, plus Compound Interest. $250,000 plus Compound Interest for $125,000 of the $250,000, calculated starting on the Estimate of two-years costs of Postgraduate Medical Education, plus Compound Interest. first day of Year 1 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 2 of Residency C Between the Participant’s first day of Year 2 of Residency and the last day of the Participant’s Year 2 of Residency. Explanation Estimate of three-years costs of Postgraduate Medical Education, plus Compound Interest. $375,000 plus Compound Interest for $125,000 of the $375,000, calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $375,000, calculated starting on the first day of Year 2 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 3 of Residency D Between the Participant’s first day of Year 3 of Residency and the last day of the Participant’s Year 3 of Residency. Explanation Estimate of four-years costs of Postgraduate Medical Education, plus Compound Interest. $500,000 plus Compound Interest for $125,000 of the $500,000, calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $500,000, calculated starting on the first day of Year 2 of Residency plus Compound Interest for $125,000 of the $500,000, calculated starting on the first day of Year 3 of Residency plus Compound Interest for the remaining $125,000, calculated starting on the first day of Year 4 of Residency E Between the first day of the Participant’s Year 3 4 of Residency and completion of Return of Service in full. Up to $804,000 plus Compound Interest for $125,000 of the $804,000, Initial here Explanation Estimate of three-years costs or four-years costs as applicable of Postgraduate Medical Education as determined by the University of British Columbia, plus Compound Interest. Starting in the final year of Re-entry Residency, the Repayment Amount also includes and liquidated damages damaged associated with Participant’s breach of the Contract, plus Compound Interest. The Repayment Amount is not pro-rated based on partial completion of Return of Service Term. $827,000 plus Compound Interest for $125,000 of the $827,000 calculated starting on the first day of Year 1 of Residency plus Compound Interest for $125,000 of the $804,000, 827,000 calculated starting on the first day of Year 2 of Residency plus Compound Interest for another $125,000 of the $804,000827,000, calculated Initial here starting on the first day of Year 3 of Residency plus Compound Interest for another $125,000 of the $804,000827,000, calculated starting on the first day of Year 4 of Residency, if applicable Residency plus Compound Interest for the remaining $304,000327,000, calculated starting on the date the Participant first breaches the Contract, if applicable Contract (collectively the “Repayment Amount”). 4.3 The Parties agree that the Repayment Amount is a reasonable estimate and determination of the Postgraduate Medical Education costs and liquidated damages (if applicable) that the Province will suffer in the event that the Contract is terminated before the Participant has completed the Return of Service in full, recognizing that: (a) the Province will incur approximately $375,000 in costs to fund the Participant’s three-year Postgraduate Medical Education or approximately $500,000 in costs to fund the Participant’s four-year Postgraduate Medical Education, as set out in Section 3.1; (b) a replacement participant is required for the Return of Service community in the event the Participant does not complete the Return of Service, and the Province will have to pay the amounts referred to in (a) above to educate the replacement participant; and (c) a service gap is created if the Participant does not complete the Return of Service obligations for the Return of Service Term, and the Province will incur additional costs for related administration and to ensure that comparable services are provided in the Placement community (e.g. the possibility of increased ambulance costs and reimbursement for patient travel, significant long term costs due to less early detection or patient management that is associated with reduced access to specialty health care service in a community, etc.). Due to the Placement timeframe, it takes approximately one (1) year to fill a Return of Service vacancy in British Columbia. Such costs are difficult to quantify, but the Parties agree that $304,000 327,000 is a reasonable estimate of such damages for the purposes of this Contract, which is a sum that represents the average annual payment for a full-time equivalent physician in Psychiatry Pediatrics in British Columbia during fiscal year 2020/21. 4.4 Within thirty (30) days following termination of the Contract, the Participant will pay to the Province the Repayment Amount in full. The Repayment Amount is a “debt due to the government” within the meaning of the Financial Administration Act. 4.5 If the Participant fails to pay the full Repayment Amount within thirty

Appears in 1 contract

Samples: Return of Service Contract

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!