Fringe Benefit Security. The Employer shall deposit with the Trustees of the Michigan BAC Fringe Benefit Funds a bond or a certified check in the sum of Fifty Thousand Dollars ($50,000). The Trustees shall have exclusive control and administration of these monies and shall hold them pursuant to the authority set forth in this Section and for the purposes set forth herein.
Fringe Benefit Security. Any Employer who does not have an established satisfactory record of payment and any Employer who should become delinquent in the monthly record of fringe benefit payments as determined by the Fund Trustees may be required to post a certified check in an amount to be determined by the Trustees to secure payment of fringe benefit funds payable to the Trustees of said enumerated fringe benefit fund.
Fringe Benefit Security. Any Employer who does not have an established satisfactory record of payments into the Fringe Benefit Fund and any Employers who become delinquent in the monthly record of Health and Welfare and Pension payments as determined by the Fund Administrator shall be required to post a certified check payable to the Trustees to guarantee payment of said enumerated Fringe Benefit Funds that are due in accordance with the terms of this Agreement; said certified check to be deposited with the Fund Administrator until:
1. Completion of twelve (12) successive months of operation without delinquency; however, the requirement may be reinstated upon any subsequent delinquency.
2. Termination of this Agreement.
3. Completion of such Employer's project, upon the written clearance from the Fund Administrator's office, that such Employer has satisfactorily made the necessary contribution payments as required by this Agreement. When an Employer is required to make such security deposit, the amount shall be as follows: On projects of 30 days duration or less - $450 per employee On projects of more than 30 days duration - $900 per employee Upon receipt from the Fund Administrator's office of monthly eligibility reports that such Employer is delinquent in contributions required as set forth in this Agreement, the Fund Administrator shall deduct the delinquency and appropriate penalties from the certified check security to apply on said delinquencies. If after payment of said delinquencies there is a balance remaining, said cash balance shall be left on deposit with the Fund Administrator and the Employer shall be required to give an additional certified check or cash to bring the security back to the original amount. Upon request of the Union, individual Employers will furnish proof of his compliance with the provisions of this Article.
Fringe Benefit Security. Any Employer who does not have an established history of paying fringe benefit contributions in a timely manner shall post with the Fringe Benefit Funds either a certified check or a surety bond in the amount of
Fringe Benefit Security. 1. Prior to commencement of any work covered by this Agreement, the Employer will post a surety bond in the amount of $25,000 or will make a $5000 cash deposit with the Fund Administrator to guarantee contributions to be made to the Health & Welfare Fund, the Supplementary Retirement Fund, the Apprenticeship Fund, the IMPACT Fund and the Industry Advancement Fund (Fringe Funds).
2. With the permission of the Union, in lieu of a surety bond or a cash deposit, an Employer may make a cash deposit in the amount of 2 weeks estimated Fringe Fund contributions and may submit its Fringe Fund contributions on a weekly basis.
3. An Employer who posts a surety bond or makes a cash deposit under this Article, and who completes 12 consecutive months without a delinquency to the Fringe Funds, will not be required to maintain a surety bond or a cash deposit.
4. Notwithstanding any other provisions of this Article, the Trustees of either the Health & Welfare Fund or the Supplementary Retirement Fund retain the right to require any Employer performing work under this Agreement to post a $25,000 surety bond or a $5000 cash deposit whenever the Trustees determine that such security is necessary and appropriate to guarantee required contributions to the Fringe Funds.
5. If an Employer who has posted a surety bond or a cash deposit is delinquent in Fringe Fund contributions, the Fund Administrator shall collect on the bond or cash deposit to satisfy the delinquency together with appropriate liquidated damages and all costs of collection.
Fringe Benefit Security. Any Employer who does not have an established history of paying fringe benefit contributions in a timely manner shall post with the Fringe Benefit Funds either a certified check or a surety bond in the amount of $ 5,000.00 per employee. The number of employees shall consist of the number of employees expected to perform bargaining unit work on the project. If an agreement is not reached regarding the number of employees subject to this security provision, then the number shall be determined pursuant to the provisions of Article VIII (
