Common use of PENALTIES FOR DEFAULT Clause in Contracts

PENALTIES FOR DEFAULT. (a) In the event the Employer fails to remit contributions to the Pension Plan in conformity with the provisions of Article 15.05, the Employer shall, if in default more than ten (10) days after notification by the Union, pay the monies due thereunder and in addition thereto pay the Pension Plan a penalty in the amount of $50.00. The Employer shall also be responsible for loss of benefits to any employee because of the Employer's default action.

PENALTIES FOR DEFAULT. (a) In the event the Employer fails to remit contributions contri-butions to the Pension Plan in conformity with the provisions of Article 15.05, the Employer shall, if in default more than ten (10) days after notification by the Union, pay the monies due thereunder and in addition thereto pay the Pension Plan a penalty in the amount of $50.00. The Employer shall also be responsible for loss of benefits to any employee because of the Employer's default action.