DEFAULT OF PAYMENT. If any contractor shall default in remitting payments required to be made to Trust Funds pursuant to the terms of this Collective Agreement, and default shall continue for ten days or more, then in addition to any other remedy available to the Local Union, such defaulting contractor shall pay to the Trustees, as liquidated damages and not as a penalty, an amount equal to 5% of the arrears for each month or part thereof during which such default continues. The said damages shall become due and payable upon the 21st day of the month following the month for which contributions were to be made. The 5% of the said arrears shall become due and be payable by such contractor on the 21st day of each successive month while default continues. For the purpose of calculating the 5% as aforesaid, "arrears" shall be deemed to include all accumulated damages remaining unpaid. The foregoing "Default of Payment Clause" shall apply to the following trust funds: Article 17 _ Union Deductions Article 9 _ Holiday & Vacation Pay Trust Funds Article 15 _ Health and Welfare Article 16 _ Pension Fund Article 18 - Labour Service Fee
Appears in 2 contracts
Samples: National Sprinkler Fabrication Agreement, National Sprinkler Fabrication Agreement
DEFAULT OF PAYMENT. If any contractor shall default in remitting payments required to be made to Trust Funds pursuant to the terms of this Collective Agreement, and default shall continue for ten days or more, then in addition to any other remedy available to the Local Union, such defaulting contractor shall pay to the Trustees, as liquidated damages and not as a penalty, an amount equal to 5% of the arrears for each month or part thereof during which such default continues. The said damages shall become due and payable upon the 21st day of the month following the month for which contributions were to be made. The 5% of the said arrears shall become due and be payable by such contractor on the 21st day of each successive month while default continues. For the purpose of calculating the 5% as aforesaid, "arrears" shall be deemed to include all accumulated damages remaining unpaid. The foregoing "Default of Payment Clause" shall apply to the following trust funds: Article 17 _ - Union Deductions Article 9 _ - Holiday & Vacation Pay Trust Funds Article 15 _ - Health and Welfare Article 16 _ - Pension Fund Article 18 - Labour Service Fee
Appears in 2 contracts
Samples: National Sprinkler Fabrication Agreement, National Sprinkler Fabrication Agreement
