What does the term clawback mean?
What does the term clawback mean?
A clawback is a contractual provision that requires an employee to return money already paid by an employer, sometimes with a penalty. Clawbacks act as insurance policies in the event of fraud or misconduct, a drop in company profits, or for poor employee performance.
How do you use clawback in a sentence?
How to use clawback in a sentence
- It’s because they have decided their best defense, the only way to save the deal and maybe $24 million in clawbacks is to argue that the city knew Hughes was getting paid all along.
- There is no clawback, unless someone fraudulently obtained a payment.
What is clawback in Tagalog?
Clawback translate to Tagalog meanings: mangalmot pabalik. In other words, mangalmot pabalik in Tagalog is Clawback in English.
Is clawback legal?
A clawback is a legal provision that companies use that allows them to retrieve already distributed money back from an employee. For companies to execute a clawback correctly, they need to have a contract with the employee where they include a provision for acceptable clawback scenarios.
Is it claw back or clawback?
The term clawback or claw back refers to any money or benefits that have been given out, but are required to be returned (clawed back) due to special circumstances or events, such as the monies having been received as the result of a financial crime, or where there is a clawback provision in the executive compensation …
Is clawback one word or two?
Merriam-Webster’s Unabridged Dictionary lists the noun “clawback” only with the sycophant definition; of the verb “claw back,” M-W says: “chiefly British: to get back (as money) by strenuous or forceful means (as taxation).” The 2006 fourth edition of The American Heritage Dictionary doesn’t list “clawback” at all, but …
What is clawback clause in law?
It is a provision in a law or contract that limits or reverses a payment or distribution for specified reasons. For example, premiums paid on insurance may be refunded or clawed back if the policy is cancelled in a certain time frame.
Where does the term clawback come from?
The Oxford English Dictionary says “clawback” was first used as a noun in 1549 to describe “one who claws another’s back; a flatterer, sycophant, parasite, ‘toady. ‘” Its first financial use as a verb, the OED says, was in The Economist in 1953: “[T]ax relief was clawed back from surtax payers.”
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