Vacation Liability Sample Clauses
The Vacation Liability clause defines the employer's responsibility for compensating employees for unused vacation time, typically upon termination of employment. This clause outlines how accrued but unused vacation days are calculated and paid out, specifying whether payment is based on current salary rates and if any limitations or conditions apply, such as minimum service periods or caps on accrual. Its core function is to ensure clarity and fairness regarding the financial treatment of unused vacation, thereby preventing disputes between employers and employees when employment ends.
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Vacation Liability. Purchaser shall assume liability as of the Closing Date for the vacation entitlement of each Hired Employee earned for 1999, and after the Closing Date, shall pay each Hired Employee's salary and wages during their vacation entitlement from Purchaser when taken. If a Hired Employee's employment with Purchaser is terminated during 1999 with vacation entitlements remaining, Purchaser shall pay such Hired Employee a lump sum in cash equal to such remaining vacation entitlement. If Seller is required by any collective bargaining agreement to pay cash to any Hired Employee in lieu of 1999 vacation, Purchaser shall reimburse Seller for the amounts so paid.
Vacation Liability. Purchaser shall assume liability as of the date hereof for the vacation entitlement that each Transferred Employee who becomes an employee of Purchaser has accrued and is listed in Schedule 2.4. Purchaser shall pay each Transferred Employee's wages or salary during such vacation entitlement from Purchaser, when taken.
Vacation Liability. Accrued vacation liabilities for electric and gas employees that are recorded in Account 242.
Vacation Liability. Purchaser shall assume liability as of the Closing Date for the vacation entitlement that each Employee who becomes an employee of Purchaser has accrued as reflected on Schedule 21.6. Purchaser shall provide to each Employee who becomes an employee of purchaser, as vacation time for the remainder of the calendar year 2002 after the Closing Date, a minimum of two weeks or, if less, the amount of vacation time to which the Employee would have been entitled after the Closing Date if Seller had remained his or her employer for the balance of the year 2002 on the terms of employment existing as of the Closing Date. Purchaser shall pay each such Employee's wages or salary during their vacation entitlement from Purchaser, when taken. If an Employee with accrued vacation terminates employment with Purchaser during the year 2002 with vacation entitlements remaining, Purchaser shall pay such Employee a lump sum in cash equal to such vacation entitlement.
Vacation Liability. The Sellers covenant and agree that the WIP Adjustment Amount and the Non-U.S. Vacation Liability shall be calculated in a manner consistent in all respects with the manner in which the WIP calculations previously provided to SCI have been calculated and the manner in which the Non-U.S. Vacation Liability is calculated on Schedule 13.2 hereto. The WIP Adjustment Amount and the Non-U.S. Vacation Liability, as agreed to by Parent and SCI and together with such adjustments thereto as shall be mutually agreed to by Parent and SCI, will be final and binding on all parties.
Vacation Liability. Purchaser shall assume no liability for the vacation entitlement of employees who become employees of Purchaser for vacation time accrued prior to the Closing. Sellers shall pay off all such accrued vacation liability concurrently with the Closing. Sellers shall indemnify and hold Purchaser harmless from and against any such accrued vacation liability. Purchaser shall provide each Station Employee who is hired by Purchaser with unpaid time off equal to the vacation entitlement that Sellers pay off to the employees at the Closing. From and after the Closing, each hired Station Employee shall be eligible for paid vacation from Purchaser in accordance with Purchaser’s vacation program for new employees. For purposes of determining future vacation entitlement with Purchaser following the Closing, each hired employee shall receive credit for service from the date of employment by Sellers or any predecessor in ownership of the Sites as set forth in Section 16.1.4.
Vacation Liability. Purchaser shall assume liability as of the Closing Date for the vacation entitlement (except for unused 1999 vacation carryover that shall be paid by Seller) that each employee of Seller who becomes an employee of Purchaser has accrued as reflected on Schedule 22.1.1 (and 22.1.2 to the extent hired by Purchaser). Such vacation entitlement shall include a minimum of two weeks for each employee hired by Seller in the year 2000, who becomes an employee of Purchaser. Purchaser shall pay each such employee's wages or salary during their vacation entitlement from Purchaser, when taken. If an employee with accrued vacation terminates employment with Purchaser during the year 2000 with vacation entitlements remaining, Purchaser shall pay such employee a lump sum in cash equal to such vacation entitlement.
Vacation Liability. 14 3.6 Home Depot Adjustment.....................................14
Vacation Liability. The parties acknowledge that Buyer shall receive a credit for, and there shall be deducted (as set forth in clause (ii) of SECTION 3.1) from the Purchase Price the amount of, the earned but unvested and the accrued but unpaid vacation liability relating to Transferred Employees which is being assumed by Buyer hereunder, which vacation liability is described on EXHIBIT K hereto.
Vacation Liability. The current method of earning and taking vacations has created a significant liability for the company. The parties have agreed to address this problem by moving to a new method of earning and taking vacation. Notwithstanding any provision of the collective agreement to the contrary, the parties agree as follows: