legal definition of lump.sum payment
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What is a 'Lump-Sum Payment' What is a 'Lump-Sum Payment'. A lump-sum payment is a one-time payment for the value of an asset such as an annuity or another retirement vehicle. A lump-sum payment is usually taken in lieu of recurring payments distributed over a period of time.
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- Regular investors also outperformed lump sum ones over a three-year period, with someone paying in pounds 50 a month seeing a 22 per cent fall in the value of their investment to pounds 1,410, compared with a 27 per cent drop to pounds 1,314 for people who invested pounds 1,800 as a lump sum.
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payoff Legal Definition of payoff. 1  1 : the act or an instance of paying someone off : bribe — compare kickback. 2  2 : the act of paying a debt or creditor in full would release the lien upon the payoff of the balance.
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tender Definitions (4). 1. Article or token (such as coins or banknotes) that serve as means of payment or settling a debt. See also legal tender. 2.Unconditional offer of money (to satisfy a debt) or performance (to satisfy an obligation).A tender may save the tendering party from penalty for nonpayment or nonperformance, and may not be refused without just cause by the party to whom it is made. See also tender of payment.efinitions (4). 1. Article or token (such as coins or banknotes) that serve as means of payment or settling a debt. See also legal tender. 2.Unconditional offer of money (to satisfy a debt) or performance (to satisfy an obligation).
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- When you take the lump sum, the first thing to realize is that about 45 to 50 percent of the lump sum prize will be lost up front to pay income taxes. You'll need tax advice as to how much tax you'll owe and when tax payments must be made.
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- Any dismissal/severance pay you. receive within 30 days of your last day of. employment, whether as a lump sum or. in payments made to you over a period. of time, may affect your benefits under. Unemployment Insurance reform. Usually, the time period covered by the lump. sum payment will be clearly spelled out in.
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- 3. A program where you can settle your tax debts for less than what you owe. Requires making a lump sum or short term payment plan to pay off the IRS at a reduced dollar amount.If you owe the IRS more than you can afford to pay, this could be the plan for you. Essentially, an Offer in Compromise gives you the opportunity to pay a small amount as a full and final payment.
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- The Lump-Sum Option provides you with a one-time payment called a Lump-Sum. Distribution of your entire Individual Account balance. This option can be paid directly to. you and/or paid as a direct rollover to another Eligible Retirement Plan, such as an IRA. This option is available to you regardless of the balance of your Individual Account.
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- Printableversion Taxation Ruling No.IT 2097 IT 2097 Taxation of lump sum payments in lieu of long service leave paid on retirement where entitlements to leave varied after 15 August 1978 Please note that the PDF version is the authorised version of this ruling.. Sub-section 26AD(3) contains a formula for apportioning a lump sum payment for long service leave made after 15 August 1978 where the payment relates to long service leave accrued both before and after 15 August 1978. RULING. 3.
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Construction Contracts: The 10 Most Important Terms â Price Lump Sum Price. The lump sum is the simplest and easiest price. The working side estimates their cost to provide the Work, adds a profit margin, then proposes the sum as a price to the paying side. When the paying side accepts that amount, it’s included in their contract and becomes a lump sum price for the Work.rice is No. 2 on the list of ten most important construction contract terms. Sometimes you’ll see the price called the contract price or the contract sum.. To keep it simple today, we’ll just keep it as the price..
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Learn About Lump Sum Construction Contracts A lump sum contract is a great contract agreement to be used if the requested work is well-defined and construction drawings are completed. The lump sum agreement will reduce owner risk, and the contractor has greater control over profit expectations.
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Benefits Planner: Survivors Who can get a lump-sum death benefit? We may pay a lump-sum death benefit of $255 to: A spouse who was living with the deceased person at the time of death; or. A spouse or a child who, in the month of death, is eligible for a Social Security benefit based on the deceased person’s record.
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Amortization 1 In business, amortization allocates a lump sum amount to different time periods, particularly for loans and other forms of finance, including related interest or other finance charges.
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- 1 From their own pocket and without any access to commutation or pension entitlements. 2  Prior to this amendment the tax treatment of lump sum payments from pension funds such as the commutation of one-third of the total value of retirement benefits was based on interpretation of the legislation.
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Tax-free cash and protection One quarter of this is £312,500 and is the crystallised lump sum rights. If there were benefits yet to be taken of £500,000 with lump sum rights of £200,000 the uncrystallised rights would be £200,000. This would mean total A-day lump sum rights of £512,500.
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Social Security Death Benefits The lump-sum Social Security death benefit is a one-time payment of $255. If a person is already claiming spousal benefits at the time their spouse dies, that person does not need to submit a separate application for the lump-sum Social Security death benefit. The $255 will automatically be credited.
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Letter Ruling 79-34: Lump-Sum Payments to Veterans From a State Pension Plan In the case before us, only that portion of the lump sum payment derived from increments on the contributions (interest) is subject to taxation. Based on the foregoing, it is ruled that the interest portion of a lump sum payment is Part A income and taxable at the rate of 10%. Very truly yours, /s/L.
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Lithography The materials and procedures of the 19th-century lithographer are duplicated in almost every respect by the contemporary hand printer. An image is drawn with tusche (a carbon pigment in liquid form) and litho crayon before the printing surface is fixed, moistened, and inked in preparation for printing. The printing itself is done on a press that exerts a sliding or scraping pressure.
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Defined benefit plans to be prohibited from replacing annuities with lump-sum payments The IRS has concluded that a broad exception for increased benefits in the regulations permitting lump-sum payments to replace rights to ongoing annuity payments would undermine that intent. To prevent this practice, the IRS intends to amend Regs. Sec. 1.401(a)(9)-6, A-14(a)(4), to provide that the types of benefit increases permitted include only those that increase the ongoing annuity payments, not those that accelerate the annuity payments.
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Learn About Lump Sum Construction Contracts Lump Sum Contract Is Used When Scope Is Clear and Terms Are Defined. A lump sum contract is normally used in the construction industry to reduce design and contract administration costs. It is called a lump sum because the contractor is required to submit a total and global price instead of bidding on individual items.
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- 1 Lump Sum A-Amounts paid for unused holiday pay and unused long service leave, with varying tax implications. 2  Lump Sum B-Amounts you paid for unused long service leave that accrued before 16 August 1978.3  Lump Sum D-The tax‑free component of a genuine redundancy payment or an early retirement scheme payment.ump sum payments on termination of employment. 1  when you leave a job, you may receive lump sum payments for unused annual leave and unused long service leave; 2  if your employment was terminated, certain payments for unused annual and long service leave are taxed concessionally.
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What is âadditurâ? What is âremittiturâ? Damages are usually awarded to the plaintiff in a lump sum, or a single total number covering the plaintiff’s entire injury. Once the judge or jury has announced the damages total, the parties to the case may file a motion for additur or remittitur. Which one a party files depends on whether that party believes the amount is too low or too high.
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- In a lump-sum settlement, you will sign a settlement agreement giving up certain rights in exchange for a one-time, lump-sum payment from your employer or its insurance company. In a structured settlement, you will instead receive smaller payments over a period of time, such as one year, ten years, or more.
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fixed price contract A fixed-price contract, also known as a lump sum contract, is an agreement between a vendor or seller and a client that stipulates goods and/or services that will be provided and the price that will be paid for them. Fixed-price contracts are common in many IT contexts, including project management, procurement and outsourcing. Having the scope and cost clearly defined from the outset saves administrative time and also avoids much of the negotiation time required for less clear-cut types of agreements.
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- Generally, the lump-sum is paid to the surviving spouse who was living in the same household with the worker when he or she died. 1  became eligible for benefits upon the worker's death.  became eligible for benefits upon the worker's death.
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Lump Sum Contract Lawyers For example, if the cost of materials rises during the construction, the total lump sum fee may be adjusted accordingly. However, the contract should contain a provision that addresses any adjustments to pricing. As a general rule, the contractor may not receive more than what the contract specifies.