Common use of Bonding Provisions Clause in Contracts

Bonding Provisions. Section 1. Each Individual Employer party hereto shall post a bond, or deposit cash in an equivalent amount to secure the payment of wages, fringe benefits, and other assessments provided for in this Agreement and in the applicable Trust Agreements. Said bond or cash deposit shall be in the amount of twenty thousand dollars ($20,000.00) for any Individual Employer employing an average of ten (10) or fewer employees during the past calendar year; in the amount of forty thousand dollars ($40,000.00) for any Individual Employer employing an average of eleven (11) to twenty (20) employees during the past calendar year; and an additional two thousand dollars ($2,000.00) for each employee over an average of twenty (20) employees employed during the past calendar year.