Interest on Delinquent Contributions Clause Samples
The "Interest on Delinquent Contributions" clause establishes that interest will be charged on any payments or contributions that are not made by their due date. Typically, this clause specifies the interest rate to be applied, the method of calculation (such as simple or compound interest), and the period over which interest accrues, often starting from the date the payment was originally due until it is fully paid. By imposing a financial penalty for late payments, this clause incentivizes timely contributions and compensates the receiving party for the delay, thereby helping to ensure compliance and mitigate the impact of late payments.
Interest on Delinquent Contributions. The Trustees of UNITE HERE Union Local 75 Health & Welfare Plan may charge interest on contributions to the UNITE HERE Union Local 75 Health & Welfare Trust which are overdue by more than thirty (30) days at the rate of Scotiabank 30 day GIC Rate on the first day of each month in question plus 2%, compounded monthly.
Interest on Delinquent Contributions. The Trustees of the H.E.R.E. Union Local 75 Health and Welfare Plan my charge interest on contributions to the Health and Welfare Trust which are overdue by more than 30 days at the rate of the Scotiabank 30 day GIC rate on the first day of the month in question plus 2% compounded monthly.
Interest on Delinquent Contributions. The trustees of the Millworkers Health and Welfare Trust (“the Trust”) may charge interest on contributions to the Health and Welfare Trust which are overdue by more than thirty (30) days at the rate of the Scotiabank 30 day GIC rate on the first day of the month in question plus two percent (2%) compounded monthly.
Interest on Delinquent Contributions. (2002) The Trustee of the HERE Union Local 75 Health and Welfare Plan may charge interest on contributions to the HERE Union Local 75 Health and Welfare Trust which are overdue by more than 30 days at the Bank of Canada prime rate.
Interest on Delinquent Contributions. The Trustees of the Millworkers Health & Welfare Plan (Unifor) Fund may charge interest on contributions to the Trust which are overdue by more than thirty (30) days at the rate of Scotiabank thirty (30) day GIC Rate on the first (1st) day of each month in question plus two percent (2%), compounded monthly.
Interest on Delinquent Contributions. The Trustees of Union Local Health and Welfare Plan may charge interest on contributions to the Union Local Health and Welfare Trust which are overdue by more than days at the rate of the day rate on the first day of the month in question plus compounded monthly.
Interest on Delinquent Contributions. The Trustees of the UNITE HERE Health and Welfare Plan may charge interest on contributions to the Health and Welfare Trust which are overdue by more than thirty (30) days at the rate of the Scotiabank 30 day GIC rate on the first day of the month in question plus two percent (2%) compounded monthly.
Interest on Delinquent Contributions. The Trustees of Unifor Millworkers Health and Wellness Plan may charge interest on contributions to Unifor which are overdue by more than thirty (30) days at the rate of the Scotia bank 30-day GIC rate on the first day of the month in question plus two percent (2%), compounded monthly.
Interest on Delinquent Contributions. The Trustees of this Health and Welfare may charge interest on contributions to the Health and Welfare Trust which are overdue by more than twenty-five (25) days at the rate of the Bank of Canada prime rate on the first day of the month in question plus 2%, compounded monthly.
Interest on Delinquent Contributions. The Trustees of HERE Union Local Health Welfare Plan may charge interest on contributions to the HERE Union Local Health & Welfare Trust which are overdue by more than thirty (30) days at the rate of day Rate on the first day of each month in question plus compounded monthly. Plan Trustees The HERE Union Local Health & Welfare Trustees will ensure that they act responsibly and prudently at all times. Review of the Employer’s Payroll Records The Employer shall allow the properly authorized Trustee representative to review payroll records to ensure that the proper contributions are being made pursuant to Article of this agreement. In the event that the Trustee intends to review the Employer’s payroll records the Union shall first serve written notice on the Employer giving the Employer a reasonable period of advance notice.