Contributions and Delinquencies. The Employer shall be obligated to make contributions required to the Defined Benefit Plan and the Defined Contribution Plan at such times and in accordance with such procedures as the trustees of either or both plans shall from time to time establish. In no event, however, shall the Employer be obligated to make such contributions more frequently than monthly and in no event shall such contributions be due before the tenth (10th) day of the calendar month following the calendar month for which the contribution is made (and during which occurred the paid hour with respect to which the contribution is made). If the Employer shall fail to make contributions at such time or in accordance with such procedures as may be established by the trustees, the Employer shall be liable to either or both of the Plans for the amount of unpaid contributions and, in addition, liquidated damages, interest, costs of collections and other amounts which may be lawfully demanded and collected by either or both plans; provided the Employer is served with at least fourteen (14) calendar days written notice of default. In no event shall either plan be permitted or obligated to invoke or exhaust the Grievance and Arbitration Procedures set forth in this Agreement prior to initiating action for legal or equitable relief.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
