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. (b) Payments of contributions to the Health Care Plan under Article 15.05 which are not paid on the due date, will bear interest from the date the contribution was due until it is paid in full, at the prime rate per annum charged by the bank appointed from time to time by the Trustees under the Trust Deed between the Association and the Union to its most credit worthy customers at the date such contribution was due plus one percentage point. 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 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. (b) Payments of contributions to the Health Care Plan under Article 15.05 which are not paid on the due date, will bear interest from the date the contribution was due until it is paid in full, at the prime rate per annum charged by the bank appointed from time to time by the Trustees under the Trust Deed between the Association Employer and the Union to its most credit worthy customers at the date such contribution was due plus one percentage point. 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. (b) Payments of contributions to the Health Care Plan under Article 15.05 which are not paid on the due date, will bear interest from the date the contribution was due until it is paid in full, at the prime rate per annum charged by the bank appointed from time to time by the Trustees under the Trust Deed between the Association and the Union to its most credit worthy customers at the date such contribution was due plus one percentage point. The Employer shall also be responsible for loss of benefits to any employee because of the Employer's default action.