Common use of Fringe Benefit Security Clause in Contracts

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. The Trustees shall have the power following complete review of documented proof, to apply all or a portion of the bond against any delinquency which an Employer permits to occur. The Employer may request reimbursement of remaining bond money credited to the Employer’s account only after all required wage and Funds payments have been made in full and on time and over a three month employment period or in the event the Employer has completed a project and is no longer performing Trowel Trades Local No. 2 work. Prompt reimbursement will be made by the Board following proper documentation from the Employer showing all required wage and Funds payments have been paid. Employers chronically delinquent, as determined by the Funds’ Trustees, must provide additional cash bond deposits at a level sufficient to cover the Employer’s current level of delinquency. The Trustees shall administer all performance bond funds.

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 Twenty-Five Thousand Dollars ($50,00025,000). 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. The Trustees shall have the power following complete review of documented proof, to apply all or a portion of the bond against any delinquency which an Employer permits to occur. The Employer may request reimbursement of remaining bond money credited to the Employer’s account only after all required wage and Funds payments have been made in full and on time and over a three month employment period or in the event the Employer has completed a project and is no longer performing Trowel Trades Local No. 2 work. Prompt reimbursement will be made by the Board following proper documentation from the Employer showing all required wage and Funds payments have been paid. Employers chronically delinquent, as determined by the Funds’ Trustees, must provide additional cash bond deposits at a level sufficient to cover the Employer’s current level of delinquency. The Trustees shall administer all performance bond funds.