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 shall have the meaning ascribed to the term in Clause 5.3(a).
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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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Examples of Penal Rate in a sentence

  • Penal Rate: The penal rates for materials supplied by the Department shall be as follows:1) Cement: It shall be double the issue rate shown in Schedule ‘A’ or prevailing market rate at the time of completion of work (including Sales Tax and General Tax) whichever is more.2) Steel: It shall be issue rate shown in Schedule ‘A’ or 115% of the prevailing market rate (including Sales Tax and General Tax) at the time of completion of work whichever is more.

  • The interest paid will be lower by the Penal Rate of 1% than the rate prevailing on the date of placement of the deposit for the period for which the deposit remained with the Bank or the contractual rate, whichever is lower.

  • The payment of outstanding accrued Ground Rent at that rate shall be considered the Penal Rate.

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

  • S-3 Wastage beyond five percent (5%) Penal Rate of the aforesaid theoreticalconsumption (S-1).

  • 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Hire purchase Negotiable 8 Three (3) days from the date of execution, shall be allowed within which the contract may be rescinded provided no draw down has been made 2.5Penal Rate9 for late repayment of loans, authorized overdrafts, micro leases,microfinance-related hire purchase and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 Interest [Clause 28] Penalty @ 18% p.a. on the overdue period shall be payable on the unpaid amount of deposits which have matured and been claimed.

  • Penal Rate of Interest will not apply in case of prematurely closed term deposit accounts.⮚ Branches have to compulsorily open MACT Saving Bank account before opening of MACAD annuity deposit account.

  • 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.

  • EARTHING ROD 40 mm MS ROUND PENAL RECOVERYR-1 Theoretical consumption (without Free Considering wastage and scrap or loss) R-2 Wastage limited to plus five percent Free (+5%) of aforesaid theoreticalConsumption (R-1) towards allowable Wastage (cut pieces plus scrap to be returned to BHEL).R-3 Wastage beyond five percent (+5%) Penal Rate of the theoretical consumption above(R-1).


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

  • additional rate means the additional rate levied by the City of Cape Town on rateable properties within the designated boundaries of the Special Rating Area for purposes of raising funds for improving and upgrading that area, subject to any exemptions or permissible differentiation between categories of property, as contemplated in section 22(1) of the Rates Act, read with sections 8(1) and 12(2) of the By-Law;

  • Maximum Legal Rate means 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 indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan.

  • Late Payment Rate As defined in the Insurance Agreement.

  • Highest Lawful Rate means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any 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 now allow.

  • Maximum Lawful Rate has the meaning set forth in Section 2.7.

  • Daily LIBOR Rate means, for any day, the rate per annum determined by the Administrative Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the LIBOR Reserve Percentage on such day.

  • Wage Rate refers to an Employee’s hourly rate of pay reflected by the pay grade of her position and her step within that grade, as set out in the Wage Rate grid in Appendix II.

  • 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.

  • Compounded Daily Reference Rate means, with respect to an Interest Period, the rate of return of a daily compound interest investment in the Specified Currency (with the applicable Reference Rate (as indicated in the relevant Final Terms and further provided for below) as the reference rate for the calculation of interest) and will be calculated by the Calculation Agent on the Interest Determination Date, as follows, and the resulting percentage will be rounded, if necessary, to the fifth decimal place, with 0.000005 being rounded upwards:

  • Penalty Rate means the Stated Rate plus two percent (2.00%) per annum of the Liquidation Price of each share of Series A Preferred Stock.

  • Current Accrual Rate means, with respect to each Payment Date and any Reference Obligation, the current mortgage rate, less the greater of (i) the related servicing fee rate and (ii) 35 basis points.

  • Rental Rate means the average annualized composite rate for United States treasury bonds issued for periods of ten years and longer plus two percent. The rental rate shall not exceed ten and three-quarters percent nor fall below eight and one-quarter percent.