Fee basis definition

Fee basis means the payment of an agreed sum for the accomplishment of a single task regardless of the time required for its completion. A fee basis payment shall be permitted only for jobs which are unique in nature rather than for a series of jobs which are repeated an indefinite number of times and for which payment on an identical basis is made over and over again. Payment on a fee basis shall amount to a rate of not less than the rate set forth in subsection (a) of this section.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Fee basis means an agreed sum for a single job regardless of the time required for its completion as specified in 29 C.F.R. 541.605, revised as of July 1, 2007 and adopted by reference, with the following revision: Section 541.605(b) is revised in its entirety to read: (b) To determine whether the fee payment meets the minimum amount of salary required for an exemption with a weekly minimum of two times the minimum wage for 40 hours, the amount paid to the employee will be tested by dividing the fee paid for the job by the number of hours required to complete the job and multiplying the result by 40 hours. Thus, an artist paid $600 for a painting that took 20 hours to complete would meet the minimum salary requirement, since the earnings at this rate ($30 per hour) would yield the artist $1,200 if 40 hours were worked;

Fee basis means that the employee is paid a fixed fee or percentage calculated in any legally permissible manner.

Examples of Fee basis in a sentence

• It is hereby also acknowledged and agreed that the Executive will be classified as a non-taxable consultant of the Company for all purposes, such that all compensation which is provided by the Company to the Executive under this Agreement, or otherwise, will be calculated on the foregoing and gross Fee basis and otherwise for which no statutory taxes will first be deducted by the Company.

• Subcontractor and Design Consultant services will be compensated on a Cost-Plus Fee basis with a Guaranteed Maximum Price unless mutually agreed otherwise in writing.

• It is hereby also acknowledged and agreed that the Consultant will be classified as a non-taxable consultant of the Company for all purposes, such that all compensation which is provided by the Company to the Consultant under this Agreement, or otherwise, will be calculated on the foregoing and gross Fee basis and otherwise for which no statutory taxes will first be deducted by the Company.

• Fee Class Total Fee1 (basis points) Service Provider Fee (basis points) 1 The Total Fee includes a temporary 2 basis point fee wavier.

• Each invoice shall include a summary spreadsheet showing total hours spent to date, total hours billed on the current invoice, and the hourly rate for each position that is to be compensated on a Reimbursable Fee basis.

More Definitions of Fee basis

Fee basis. Approval of investment in any of these First American mutual funds includes approval of the fund’s fees and expenses as detailed in the prospectus, including advisory and custodial fees and 12b-1 shareholder service expenses, which fees and expenses are paid to U.S. Bank Trust or U.S. Bank, subsidiaries of U.S. Bancorp.

Fee basis means the average Outstanding Principal Balance (as defined in the Series 1996-1 Supplement) of Revolving Notes during the Computation Period, calculated on the basis of a 360-day year and the number of actual days elapsed. For the purposes of this Agreement "Computation Period" shall mean (i) with respect to any Monthly Payment Date, the calendar month (or, in the case of the calendar month in which the Effective Date occurs, the portion of such calendar month following the Effective Date) immediately preceding the calendar month in which such Monthly Payment Date occurs, and (ii) with respect to any payment due on the last day of the Revolving Period, the period commencing on the first day of the calendar month in which the Revolving Period ends and ending on the last day of the Revolving Period. In the event that the day upon which the Program Fee would otherwise be due and payable occurs on a day which is not a Business Day, then such payment shall be deemed to be due and payable on the Business Day immediately succeeding such day.

Fee basis means the payment of an agreed sum

Fee basis means the payment of an agreed sum for the accomplishment of a single task regardless of the time required for its completion. A fee basis payment shall be permitted only for jobs which are unique in nature rather than for a series of jobs which

Fee basis means the basis by which the Fees apply and where exceeded additional fees may apply as defined in the SOW;

Fee basis. 365 days for actual days elapsed. Mandatory Prepayments (a) So long as no default or event of default has and Commitment occurred and is continuing, the Loans shall be Reductions: prepaid (and the Letters of Credit shall be cash collateralized or replaced) with:

Fee basis. The value (either the Covered Asset Value or Coverage Base) by which the applicable Certificate Fee Percentage (see Tables 3a and 3b) is applied to determine the Certificate Fee. Fee Basis is shown in Table 4.