Common use of BONDING PROVISIONS FOR TRUST FUNDS Clause in Contracts

BONDING PROVISIONS FOR TRUST FUNDS. Should the Employer be adjudged by a majority of the Board of Trustees of the Ironworkers' Fringe Benefit Trust Fund to be a recurrent delinquent in the payment of fringe benefits, the Employer shall be required to post a cash or surety bond in the amount of ten thousand dollars ($10,000) covering fringe benefits under this Agreement. Such bond shall be deposited with a custodian designated by the parties within ten (10) days from the date of notice to the Employer of the requirement to provide the bond. Such notice must be sent with delivery confirmation. Failure to comply with this provision is a violation of this Agreement and the provisions of the No Strikes Or Lockouts Article shall not be applicable or in force during the period of noncompliance. Such bond shall remain posted until released by the Trustees under regulations adopted by the Trustees of the appropriate Trust Fund. The Union shall be required to furnish the Employer with a current list of those contractors who are adjudged recurrent delinquents and shall be obligated to notify the Employer of any contractor or subcontractor adjudged delinquent.

BONDING PROVISIONS FOR TRUST FUNDS. Should the Employer be adjudged by a majority of the Board of Trustees of the Ironworkersxxx Xxxxxxxxxx' Fringe Benefit Trust Fund to be a recurrent delinquent in the payment of fringe benefits, the Employer shall be required to post a cash or surety bond in the amount of ten thousand dollars ($10,000) covering fringe benefits under this Agreement. Such bond shall be deposited with a custodian designated by the parties within ten (10) days from the date of notice to the Employer of the requirement to provide the bond. Such notice must be sent by registered mail with delivery confirmationreturn receipt. Failure to comply with this provision is a violation of this Agreement Agreement, and the provisions of the No Strikes Or Lockouts Article Article, shall not be applicable or in force during the period of noncompliance. Such bond shall remain posted until released by the Trustees under regulations adopted by the Trustees of the appropriate Trust Fundtrust fund. The Union shall be required to furnish the Employer with a current list of those contractors Employers who are adjudged recurrent delinquents and shall be obligated to notify the Employer by registered letter of any contractor or subcontractor adjudged delinquent.