Penal Rate definition

Penal Rate is the rate of pay for time worked (other than overtime) within ordinary hours of work during times specified in Clause 8.3.2
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Penal Rate means Tl.25 paid for any hours worked after 7pm and before 7am on any weekday and T1.5 for any time from midnight Friday/Saturday to midnight Sunday/Monday.
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Penal Rate shall have the meaning ascribed to the term in Clause 5.3(a).
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Examples of Penal Rate in a sentence

  • If wastage exceeds the specified limit, the recovery of excess wastage shall be made from monthly R/A Bill at the Penal Rate.

  • Where this occurs, Penal Rate, as in 2.5 below, shall apply 2.3Drawing against Uncleared Effects Negotiable 2.4Micro Leasing/Microfinancerelated Hire purchase Negotiable 8 Three (3) days from the date of execution, shall be allowed within which the contract may be rescinded provided no draw down has been made 2.5Penal Rate9 for late repayment of loans, authorized overdrafts, micro leases,microfinance-related hire purchase and other advances/facilities, including unauthorized overdraft as in 2.2 above.

  • Penal Rate of Materials Sl.NoDescriptionUOMPenal Rate (in Rs)AReinforcement steel and earthing rod etc.MT55, 000/-BStructural steel 1Chqd.

  • If w astage exceeds the specified limit, the recovery of excess w astage shall be made from R/A Bill at the Penal Rate as per BHEL rate.

  • Economic Stability-( Full Employment and achievement of high level ofeconomy’s growth)surplus funds with RBI is called ReverseRepo Rate.f. Being a Penal Rate, it is above the RepoRate.Under second part the bank re-purchase the security and pay back toNov 2018a.


More Definitions of Penal Rate

Penal Rate means a rate which is paid for work completed outside ordinary hours or in excess of the ordinary hours. Penal rates will be either time and a half or double time, depending on the conditions applicable in this agreement.
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Related to Penal Rate

  • Late Payment Rate As defined in the Insurance Agreement.

  • Initial Rate means each rate of interest to be paid in an Initial Period as set forth in the Certificate.

  • Highest Lawful Rate means, with respect to each Lender, the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the Notes or on other Indebtedness under laws applicable to such Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws allow as of the date hereof.

  • Interest Rate shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

  • Rate means the Adjusted LIBO Rate and the Alternate Base Rate.