Time Credit Bank Sample Clauses
The Time Credit Bank clause establishes a system where parties can accumulate and use credits based on time saved or contributed during the performance of a contract. Typically, this clause allows one party to earn credits for completing tasks ahead of schedule or for providing additional time-related resources, which can later be redeemed for schedule extensions, compensation, or other agreed benefits. Its core practical function is to incentivize efficiency and flexibility, helping to manage project timelines and reward proactive performance.
Time Credit Bank. When a Cabin Attendant would like to place items in his time credit bank, he must notify the Company in writing, no later than the 3rd of the following month, of the items he wishes to transfer. Any flight credits (number of credits equivalent to any duty period) may be deposited in his bank. The amount of credits accumulated in this time credit bank is calculated in hours. A Cabin Attendant may withdraw from his bank the number of credits available therein and payment of such credits shall be made at the Cabin Attendant’s hourly rate in effect at the date of the withdrawal. A Cabin Attendant away on a pairing during this time will have 24 hours upon return to his home base to put in his request. The credits transferred will not allow the Cabin Attendant to go below his minimum monthly guarantee. The items that a Cabin Attendant may place in his time credit bank are as follows :
Time Credit Bank. (a) The Institute shall maintain a Time Credit Bank. Such bank time shall consist of time credited at the rate at the time at which it is accumulated:
(i) For overtime where an employee has elected to bank overtime under Article 14.02;
(ii) For extra hours worked where the employee has requested to work extra hours in order to have flexible time off, and the operations can accommodate both the excess time worked and the requested time off, subject to the approval of the employee’s supervisor, the employee may accumulate time credit at the rate of 1 hour for each such hour worked.
(b) An employee may use banked time to receive time off without loss of regular earnings, subject to the operational requirements of the Institute and the prior approval of the employee’s supervisor.
(c) An employee may not accumulate more than 80 hours of time credits and any excess shall be paid out to the employee. The Time Credit Bank shall not be allowed to have a negative balance of more than 16 hours. In such a case, the balance shall be deducted from the employee’s pay.
(d) Where an employee has time credits available, the employee may elect to take such credits to provide earnings during absences due to legitimate illness.
Time Credit Bank. When a Cabin Attendant would like to place items in his time credit bank, he must notify the Company in writing, no later than the 3rd of the following month, of the items he wishes to transfer. Any flight credits (number of credits equivalent to any duty period) may be deposited in his bank. The amount of credits accumulated in this time credit bank is calculated in hours. A Cabin Attendant may withdraw from his bank the number of credits available therein and payment of such credits shall be made at the Cabin Attendant’s hourly rate in effect at the date of the withdrawal. A Cabin Attendant away on a pairing during this time will have 24 hours upon return to his home base to put in his request. The credits transferred will not allow the Cabin Attendant to go below his minimum monthly guarantee. The items that a Cabin Attendant may place in his time credit bank are as follows: Overtime according to Article B15.02 and B15.02.01; Foreign language credits according to Article B15.05; Training credits according to Article B16.05; ▇▇▇▇ leave credits according to Article B16.01.03; Flight Directors 30-minutes premium according to Article B15.03.02; Credits over the minimum monthly guarantee (MMG)