Standard NBA Contract definition
Examples of Standard NBA Contract in a sentence
The Standard NBA Contract Conversion Option may be exercised at any point during the period beginning on July 1 and ending just prior to the start of the Team’s last Regular Season game in each Salary Cap Year covered by the Two-Way Contract.
To effectuate the requirements set forth in the preceding sentences, every Two-Way Contract with an Exhibit 1B must contain the following language (and only such language) under the “Standard NBA Contract Conversion Option” heading: “Team shall have the option to convert this Contract to a Standard NBA Contract (“Standard NBA Contract Conversion Option”).
Upon conversion, such Contract shall become a Standard NBA Contract and shall no longer be governed by the provisions of this Agreement governing Two-Way Contracts.
Team’s Standard NBA Contract Conversion Option may be exercised by providing written notice to Player that is either personally delivered to Player or his representative or sent by email or pre-paid certified, registered, or overnight mail to the last known address of Player or his representative with a copy to the Players Association and the NBA.
Notwithstanding anything to the contrary in this Agreement or the Uniform Player Contract, upon execution of the Standard NBA Contract, the prior Two-Way Contract between the Team and player will immediately be rendered null and void and of no further force or effect.
For the day the Standard NBA Contract Conversion Option is exercised, the player shall be compensated only under the new Standard NBA Contract, and not under his Two-Way Contract.
For the day the Standard NBA Contract is executed, the player shall be compensated only under the new Standard NBA Contract, and not under the prior Two-Way Contract.