Common use of Third Party Settlements Clause in Contracts

Third Party Settlements. When an employee initiates a claim against an insuring third party (i.e., ICBC) the employee agrees to include an amount as payment for wage loss benefits (including fringe benefit costs) refundable to the period during which the employee received sick leave benefits. The employee shall give permission to the insuring third party to pay the wage loss amount directly to the Employer, or upon direct receipt of such payment, the employee shall pay the Employer the amount of the wage loss so received. The Employer shall then reimburse the employee's sick bank and gratuity bank with the number of days represented by the payment.

Third Party Settlements. ‌ When an employee initiates a claim against an insuring third party (i.e., ICBC) the employee agrees to include an amount as payment for wage loss benefits (including fringe benefit costs) refundable to the period during which the employee received sick leave benefits. The employee shall give permission to the insuring third party to pay the wage loss amount directly to the Employer, or upon direct receipt of such payment, the employee shall pay the Employer the amount of the wage loss so received. The Employer shall then reimburse the employee's sick bank and gratuity bank with the number of days represented by the payment.