Reward employees for the achievement of the expected Annual Net Income for the Company.Contribute to maintain a competitive market position in Total Compensation.▪ This plan replaces any other incentive plan currently in place for the eligible Employees.Įligible are all employees that have a variable component to their salary such as e.g. ▪ This plan is effective as of January 1st ▪ The Company reserves the right, at its sole discretion, to define who is eligible for this plan. Period n: The relevant calendar year for which the incentive payment is monitored and granted.The period starts at January 1st and ends at December 31st of the relevant calendar year. Period n+1: The calendar year that is directly following Period n.Is calculated once the financial books haven been close for Period n Period n+2: The calendar year that is directly following Period n+1.Period n+3: The calendar year that is directly following Period n+2.Order: A confirmed and binding request by a customer to Smartmatic to buy, sell, deliver, or.Smartmatic containing definitive terms and conditions for the execution of a project, service, Receive goods or services under specified terms and conditions, by means of a signed, legallyīinding, valid and in force agreement (regardless of the format) between the customer and Preliminary and non-binding arrangements such as LOIs and MOUs shall not be considered that allows the company to collect certain amounts upon performance. Orders for the purpose of this Sales Incentive Plan. Revenue: The amount of money that Smartmatic actually recognizes and registers in the financial.Purchase- Orders that are firmly committed, legally binding, valid and in force upon signature of Orders for the purpose of this Sales Incentive Plan except for the value of individual ‘call off’- or Frame Agreements, shall not be considered Smartmatic follows the rules established by the Statement as a direct result of a firm Order. International Financial Reporting Standards (IFRS 15). Transferred, or services rendered according the contractual performance obligations, and theĭeliverables are accepted by the client, no matter when cash is received. Is recognized at the time the client gains control of the goods. Revenue for Services is recognizedīased on the delivery of the services and when deliverables agreed on contract and accepted by Control means that the client hasĪccepted the goods and may obtain benefits from them. In these cases, the revenue can be recognized by milestone, after In some cases, the deliverables of services can be done by phases andĪssigned by milestones. Receiving client´s acceptance confirmation.
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