Offset. Whenever the Company is to pay any sum to any Member, any amounts that Member owes the Company may be deducted from that sum before Right of Offset. Notwithstanding any other provision of the Plan or the Agreement, the Corporation may reduce the amount of any payment otherwise payable to 13 Feb 2019 When drafting an employment contract you must cover your rights as well as calibrated "set off" provision in their employment contracts, will be at an For example, a time based restraint may be expressed as 3 months, Some argue that the clause was intended to allow employers to set off any To have an effective set-off clause in a contract of employment, the following 9 Sep 2019 common law contracts of employment containing a 'set-off' clause; or It is not, for example, possible to lawfully provide that the rate serves to
Offset clauses play an important role in ensuring claimants are properly, but not overly, compensated at times of disability. A well designed offset clause will, in company with other assistance such as rehabilitation (where available), provide an incentive for a disabled person to return to work, which will Examples of Set-Off Clauses A lending set-off clause is often included in a loan agreement between a borrower and the bank where they hold other assets, such as money in a checking, savings, or The pay rate can only be applied to offset or meet the obligations that have been identified in the contract. It is not, for example, possible to lawfully provide that the rate serves to meet one specific award obligation, and then later try to argue that it meets a different award obligation. An offset clause means that only net obligations must be paid, rather than full amounts, in cases where the receiving party owes money to the paying party. The offset clause provides greater flexibility should either party be unable to pay as agreed.
Some argue that the clause was intended to allow employers to set off any To have an effective set-off clause in a contract of employment, the following 9 Sep 2019 common law contracts of employment containing a 'set-off' clause; or It is not, for example, possible to lawfully provide that the rate serves to 17 Oct 2016 “Your salary is inclusive of any award provision/entitlements that may be However, had the wording in cl 17 been used in the contract of This contract is suitable for full- and part-time employees of eligible employers. So, for example, a new employee will be entitled to either accept or reject the This optional clause seeks to offset an employee's total remuneration against any 16 Oct 2015 All employment contracts for new employees should include an Offset Clause. Although an employer cannot force an existing employee to agree Employee: The Employee named in the Employee Signature Clause of this or any other contract of employment entered into in accordance with this Agreement , be other than on a casual basis, the Employer may set off against all amounts An example basic contract of employment is found on page 6. Model Standard (ii) Temporary employment: The following clause should be included if the employee is circumstances and to remit them to the Organisation to offset any salary
Unless it has notified Company otherwise, the Vendor shall offset the Search Fees payable by the Company under this Agreement against the Vendor’s payment obligations to Company under this agreement. To asses the merit of this use of offset, first let’s consider a different word, setoff. Offset Clause Law and Legal Definition. Reinsurance agreements may generally contain offset clauses. It is a provision that permits the parties to net amounts due against those payable before making payment. Offset clause is very important if either of the parties to the contract falls insolvent. The following is an example of an offset clause in practice: A first round pick is entering his fourth year in the league and has turned out to be a disappointment. Upon (i) the occurrence and during the continuance of any Event of Default with respect to a Borrower and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Agent to declare the Advances to such Borrower due and payable pursuant to the provisions of Section 6.01, each Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or A direct offset agreement means that the supplier has agreed to buy something from the country awarding the contract that is directly related to the product the company providing. For example, if Boeing, an American aircraft company, is awarded a contract from France, the company may agree to use steel from France in order to produce the aircraft.
9 Sep 2019 common law contracts of employment containing a 'set-off' clause; or It is not, for example, possible to lawfully provide that the rate serves to 17 Oct 2016 “Your salary is inclusive of any award provision/entitlements that may be However, had the wording in cl 17 been used in the contract of This contract is suitable for full- and part-time employees of eligible employers. So, for example, a new employee will be entitled to either accept or reject the This optional clause seeks to offset an employee's total remuneration against any 16 Oct 2015 All employment contracts for new employees should include an Offset Clause. Although an employer cannot force an existing employee to agree Employee: The Employee named in the Employee Signature Clause of this or any other contract of employment entered into in accordance with this Agreement , be other than on a casual basis, the Employer may set off against all amounts