Bonds for New Contractors Subject To This Agreement. Contractors who become bound to this agreement after the beginning date of this agreement must post a bond with the Joint Conference Board. Contractors that are bound to this agreement but that become listed as being in an inactive status, for a period greater than one year, must post a bond with the Joint Conference Board to become an active contractor. The bond required by this Section 3 shall be $7,500, if posted in cash, or the bond shall have a guaranteed $15,000 indemnity payment if posted by a surety company on the contractor’s behalf. The bond will remain in effect for three years. A contractor that posted the bond required by this Section 3 will have no further obligation to maintain that bond after three years. However, additional bonds may be required for contractors as provided below in Sections 4, 5, 6 and 7 in this Article.
Appears in 6 contracts
Samples: Labor Agreement, Labor Agreement, Labor Agreement
