Required Payroll Sample Clauses

Required Payroll. If the Company fails to meet Required Payroll in any Project Year (a “short-fall year”), the Company shall reimburse the State an amount equal to the result of the following equation: ⎛ Performancebased grant paid ⎞ n ⎜ ⎝ Total Payroll, 7 yrs ⎟ x Payroll shortfall x1.05 ⎠ n = Project Year If the Company exceeds Required Payroll in any Project Year, the Company will receive a credit for the excess on a dollar-for-dollar basis, which may be applied toward Required Payroll in any future short-fall year.
Sample 1
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Required Payroll. If the Company fails to meet Required Payroll in any Project Year (a “short-fall year”), the Company shall reimburse the State an amount equal to 12.4% of the amount by which the Annual Payroll is less than Required Payroll. If the Company exceeds Required Payroll in any Project Year, the Company will receive a credit for Annual Payroll in excess of Required Payroll on a dollar-for-dollar basis, which may be applied toward Required Payroll in any future short-fall year.
Sample 1

Related to Required Payroll

  • CERTIFIED PAYROLL Contractor and Contractor’s subcontractor(s) shall comply with all applicable provisions of Labor Code Sections 1776 and 1812, which relate to preparing and maintaining accurate payroll records, and making such payroll records available for review and copying by District, DIR’s Division of Labor Standards Enforcement, and DIR’s Division of Apprenticeship Standards (including any required electronic submission of records). Payroll records shall include all information required by applicable law, including, but not limited to, name, address, social security number, work week and actual per diem wages paid to each journeyman, apprentice, worker or other employee retained by Contractor in connection with the Work. The payroll records shall be certified, maintained at Contractor’s principal offices, and made available as required pursuant to Labor Code Section 1776. Contractor shall inform District of the location at which the payroll records are maintained, including the street address, city, and county, and shall, within five (5) working days, provide a notice of any change of location and address. Contractor and any subcontractor that fails to timely comply with requests for certified payroll records shall forfeit, as a penalty to District, One Hundred Dollars ($100.00) for each calendar day, or portion thereof, for each worker, until strict compliance is effectuated, and, in addition to penalties as provided by law, may be subject to debarment pursuant to Labor Code Section 1771.1. In addition, Contractor and Contractor’s subcontractor(s) shall comply with Labor Code Section 1771.4(a)(3), which relates to providing the payroll records directly to the Labor Commissioner.

  • Delayed payments The Parties hereto agree that payments due from one Party to the other Party under the provisions of this Agreement shall be made within the period set forth therein, and if no such period is specified, within 30 (thirty) days of receiving a demand along with the necessary particulars. Unless otherwise specified in this Agreement, in the event of delay beyond such period, the defaulting Party shall pay interest for the period of delay calculated at a rate equal to 5% (five per cent) above the Bank Rate, and recovery thereof shall be without prejudice to the rights of the Parties under this Agreement including Termination thereof.

  • Prohibited Payments The following types of payments are prohibited through the Service, and we have the right but not the obligation to monitor for, block, cancel and/or reverse such payments:

  • Leave on reduced pay An employee shall, during a period on reduced pay, be paid at the same reduced rate for public holidays falling during the period of such leave.

  • Restricted Payments Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that:

  • Refused Payments We reserve the right to refuse to pay any Receiver. We will attempt to notify the Sender promptly if we decide to refuse to pay a Receiver designated by the Sender. This notification is not required if you attempt to make a prohibited payment under this Agreement.

  • Returned Payments If after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.21 shall be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender in reliance upon such payment or application of proceeds. The provisions of this Section 2.21 shall survive the termination of this Agreement.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

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