DELINQUENT REMITTANCES AND PENALTIES. 20.01 When remittances in accordance with Articles 17 and 19 are over ten (10) days in arrears, the Employer shall pay to the Trustees and/or to the Guild in the case of Employer Industry and Training Funds, as liquidated damages and not as a penalty, an amount equal to 5% per month, or por- tion thereof up to 60% per annum of such delinquent con- tributions, unless the Employer has corrected such xxxxx- quencies within five (5) days of being given written notice. In addition the delinquent Employer shall be required to pay all costs of collection of such liquidated damages and may be required upon the request of the Trustees and/or the Guild in the case of Employer Industry and Training Funds, to deposit with the Trustees or the Guild as the case may be, a cash deposit, irrevocable letter of credit of cred- it or equivalent acceptable security to a maximum of fifty thousand dollars ($50,000).
Appears in 5 contracts
Samples: Collective Agreement, Collective Agreement, Collective Agreement
