Common use of NORTHEAST CORRIDOR EMPLOYER PERFORMANCE BOND Clause in Contracts

NORTHEAST CORRIDOR EMPLOYER PERFORMANCE BOND. To secure the payment of full wages and pension and welfare contributions, as provided herein, Local 600 may, in its discretion, whenever it regards the financial ability of a Employer in the Northeast Corridor to meet its anticipated obligations in that respect as not having been adequately established, require the Employer to post a performance bond in an amount sufficient for the purpose. If required, such performance bond shall cover not only obligations for wages and pension and welfare contributions, but also a reasonable amount for counsel fees and other litigation expenses which might be incurred in the event the default of the Employer makes it necessary to institute suit for recovery.

NORTHEAST CORRIDOR EMPLOYER PERFORMANCE BOND. To secure the payment of full wages and pension and welfare contributions, as provided herein, Local 600 may, in its discretion, whenever it regards the financial ability of a an Employer in the Northeast Corridor to meet its anticipated obligations in that respect as not having been adequately established, require the Employer to post a performance bond in an amount sufficient for the purpose. If required, such performance bond shall cover not only obligations for wages and pension and welfare contributions, but also a reasonable amount for counsel fees and other litigation expenses which might be incurred in the event the default of the Employer makes it necessary to institute suit for recovery.