Labour Cost definition
Labour Cost means the direct labour rate per hour specified in a Virtual Systems House Agreement for Flextronics to perform an activity applicable to a Product at a Site. For greater certainty, the Labour Cost may vary for each Site, for each Product, and/or specific activity relating to a Product.
Labour Cost. Index” (LCI) is a short-Term indicator showing the short-Term development of hourly labour costs incurred by employers, the total cost on an hourly basis of employing labour. In other words, the LCI measures the cost pressure arising from the production factor “labour”. The LCI used in this Agreement must be taken from Labour Cost Index, Salary and Wage Rate (LCIQ SG51M1) - Table 4, All Sectors combined, MN1 Professional, Scientific and Technical Services), published by Statistics NZ (▇▇▇.▇▇▇▇▇.▇▇▇▇.▇▇). The base year labour cost index is the average of the labour cost indices for four quarters of 2018. Labour Cost Index (Salary and Wage Rates), is calculated as an average if the previous calendar year’s four quarters.
Labour Cost has the meaning given to it in Appendix B (Description of Labour and Labour SPV Costs Subject to Re-basing and Process for Updating the Model following Re-basing) to Part E (Market Testing, Benchmarking and Indexing) of Schedule 8 (Variations); Labour SPV Cost has the meaning given to it in Appendix B (Description of Labour and Labour SPV Costs Subject to Re-basing and Process for Updating the Model following Re-basing) to Part E (Market Testing Benchmarking and Indexing) of Schedule 8 (Variations); or, failing such publication or in the event of a fundamental change to that index, such amendment to that index or such other index as the parties may agree (in each case with the intention of putting the parties in a no better no worse position than they would have been had the index not ceased to be published or the relevant fundamental change not been made) or in the event that no such agreement is reached between the parties, as may be determined by the Dispute Resolution Agreement;
Examples of Labour Cost in a sentence
Fee adjustments shall be reasonable taking into account changes in the Labour Cost Index (LCI) for the relevant industry from Statistics Sweden, market fluctuations, currency variations and/or general increase in costs caused by external factors.
More Definitions of Labour Cost
Labour Cost means the cost apportioned to the labour used by the Supplier in conducting the Output Based Delivery project. This shall not exceed the maximum Suppliers’ Framework Charges, and shall be based on the role types and pay bands of labour, and numbers of hours which the Supplier reasonably estimates the Project to require.
Labour Cost means the sums payable by the Assured to labourers directly employed by the Assured solely in relation to the construction of the Vessel plus the Assured's overhead on such sums and shall not include the Assured’s profit on such sums. Where the Assured consists of the Builder and the Buyer, the "Labour Cost" shall be the sums payable by the party which has employed the labourers.