Common use of Tool Insurance Deductible Clause in Contracts

Tool Insurance Deductible. The deductible portion payable by an employee for a claim under Tool Insurance will be no greater than one hundred dollars ($100.00) per occurrence. In order to qualify for payment of a claim, an up-to-date inventory list must be on file with the Company and will be subject to verification with the Company. Further, with respect to an employee being required to modify a tool in order to perform their normal duties, the Company will replace such tools at no cost to the employee, at which time the modified tool becomes the property of the Company. 19.05.01 Within the limits described in Letter of Understanding No. 3 (Tool Purchase Agreement), when employees purchase tools required for the performance of their duties for the Company, the Company will be invoiced for the purchases. Employees agree to reimburse the Company by means of payroll deduction. An employee will be required to sign a copy of Letter of Understanding No.3 before participating in the Tool Purchase Plan. Note: The foregoing will be effective for all employees in the year following the implementation of the CYBORG payroll system, or effective in the year 2003, whichever is the earlier. Prior to it being effective, current practices will apply.

Tool Insurance Deductible. The deductible portion payable by an employee for a claim under Tool Insurance will be no greater than one hundred dollars ($100.00) per occurrence. In order to qualify for payment of a claim, an up-to-date inventory list must be on file with the Company and will be subject to verification with the Company. Further, with respect to an employee being required to modify a tool in order to perform their normal duties, the Company will replace such tools at no cost to the employee, at which time the modified tool becomes the property of the Company. 19.05.01 Within the limits described in Letter of Understanding No. 3 (Tool Purchase Agreement), when employees purchase tools required for the performance of their duties for the Company, the Company will be invoiced for the purchases. Employees agree to reimburse the Company by means of payroll deduction. An employee will be required to sign a copy of Letter of Understanding No.3 before participating in the Tool Purchase Plan. Note: The foregoing will be effective for all employees in the year following the implementation implemen- tation of the CYBORG payroll system, or effective in the year 2003, whichever is the earlier. Prior to it being effective, current practices will apply.