Penalties for Non Compliance with Labor Participation Requirements Sample Clauses

Penalties for Non Compliance with Labor Participation Requirements. For each Improvement (excluding the Tenant Improvements and Existing Improvement Renovations) to the extent Master Developer or Retail Developer, as appropriate, fails to comply with the applicable Labor Participation Requirement, with respect to such Improvement, Master Developer or Retail Developer, as appropriate, shall pay to the CRA as a one-time penalty for such noncompliance of (a) Ten Thousand and No/100 Dollars ($10,000.00) for each percentage point below the Labor Participation Requirement for the first five (5) percentage points below the Labor Participation Requirement, (b) Twenty-Five Thousand and No/100 Dollars ($25,000.00) for each additional percentage point below the first five (5) percentage points below the Labor Participation Requirement for up to five (5) percentage points and thereafter (c) Fifty Thousand and No/100 Dollars ($50,000.00) per each additional percentage point below the ten (10) percentage points below the Labor Participation Requirement (collectively, the “Labor Non-Compliance Funds”) with respect to such Improvement. The Labor Non-Compliance Funds shall be calculated by the Executive Director after Substantial Completion and shall be due within thirty (30) days from Master Developer’s or Retail Developer’s receipt of written statement from the Executive Director stating the amount of Labor Non-Compliance Funds due. To the extent of any dispute between the Executive Director and the Master Developer or Retail Developer, as appropriate, with respect to the compliance with the Labor Participation Requirement, such dispute shall be submitted to the CRA Board for resolution, which arbitration shall be binding upon the parties. Any amount of the Labor Non- Compliance Funds not paid when due shall bear interest at 12% per annum from the date due until paid.
Sample 1
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Related to Penalties for Non Compliance with Labor Participation Requirements

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