Common use of Bonding Provisions Clause in Contracts

Bonding Provisions. The Employers and the Local Union shall comply with all provisions under the Bonds/Letters of Credit requirements of Section 6.8, in the Local 130 Master Agreement pertaining to bonds covering monetary obligations of employers (including the "splitting" of bonds/letters of credit at percentages specified under the Master Agreement, Section 6.8 and/or dual obligee bonds under the same Section). The Local Union will respond to reasonable information requests from the Contractors Associations (PCA Midwest, Kankakee & Iroquois Counties Plumbing & Piping Contractors Association, and the West Suburban Association), including the names of employers who have posted Bonds/Letters of Credit, the amount of those Bonds/Letters of Credit and the progress of steps by the Local Union to enforce the bonding provisions of Section 6.8. The required bond/letter of credit amount is listed below for the Residential Service Agreement t: Number of Employees1 Amount of Bond 1-3 $ 21,000 4-7* $ 49,000 8-12 $ 84,000 13-18 $ 126,000 19-25 $ 175,000 26-35 $245,000 36+ $280,000 * Mandatory Bond Required for 7 or more men. Note: Mc-Me shall be included in the bonding. Self-employed owners working with the tools will be considered an employee for the purposes of bonding.

Bonding Provisions. The Employers and the Local Union shall comply with all provisions under the Bonds/Letters of Credit requirements of Section 6.8, in the Local 130 Master Agreement pertaining to bonds covering monetary obligations of employers (including the "splitting" of bonds/letters of credit at percentages specified under the Master Agreement, Section 6.8 and/or dual obligee bonds under the same Section). The Local Union will respond to reasonable information requests from the Contractors Associations (PCA Midwest, Kankakee & Iroquois Counties Plumbing & Piping Contractors Association, and the West Suburban Association), including the names of employers who have posted Bonds/Letters of Credit, the amount of those Bonds/Letters of Credit and the progress of steps by the Local Union to enforce the bonding provisions of Section 6.8. The required bond/letter of credit amount is listed below for the Residential Service Agreement tSchedule A Agreement: Number of Employees1 Amount of Bond 1-3 $ 21,000 4-7* 7 $ 49,000 8-12 $ 84,000 13-18 $ 126,000 19-25 $ 175,000 26-35 $245,000 36+ $280,000 * Mandatory Bond Required for 7 or more men. Note: Mc-Me shall be included in the bonding. bonding if employees are receiving their health & welfare benefits from the Schedule A. Self-employed owners working with the tools will be considered an employee for the purposes of bonding.