Common use of Pay Out Clause in Contracts

Pay Out. An employee who quits or retires will be paid for all accrued but unused compensatory time at the employee’s rate of pay at the time of leaving. The spouse, beneficiary, or executor of the estate, whichever is applicable, shall receive any payment due in the event of the death of an employee.

Pay Out. An employee who quits or retires will be paid for all accrued but unused compensatory time at the employee’s 's rate of pay at the time of leaving. The spouse, beneficiary, or executor of the estate, whichever is applicable, shall receive any payment due in the event of the death of an employee.