PERFORMANCE BOND AND CASH BOND GUARANTEE. Any Individual Employer, whether a member of the Association or otherwise, shall, upon demand by the Union, be required to post a surety bond in the sum of $10,000.00, or to deposit an equivalent amount of cash into the Cash Bond Fund established by the Trusts to guarantee the payment of wages, fringe benefits liquidated damages, and interest. If a surety bond company is used to comply with this guarantee, such company must be acceptable to the Trustees. This bond must be evidenced by completion by the employer and its surety of the bond form attached to this Agreement. A bond containing terms different in any manner from that of the bond form attached to this Agreement is not acceptable. Said bond shall be filed with the Trusts’ administrator.
PERFORMANCE BOND AND CASH BOND GUARANTEE. Any Individual Employer, whether a member of the Association or otherwise, shall, upon demand by the Union, be required to post a surety bond in the penal sum of $10,000.00, or to deposit an equivalent amount of cash into the Cash Bond Fund established by the Trusts to guarantee the payment of wages, fringe benefits and liquidated. If a surety bond company is used to comply with this guarantee, such company must be acceptable to the Trustees. This bond must be evidenced by completion by the employer and its surety of the bond form attached to this Agreement. A bond containing terms different in any manner from that of the bond form attached to this Agreement is not acceptable. Said bond shall be filed with the Trusts’ administrator. An exit audit may be required of all employers before receiving a refund of the employer’s cash bond deposit. Any interest or other increment earned by the cash bond deposits shall be used by the Bricklayers Local 3 Health & Welfare Trust Fund to defray the costs of administering the Cash Bond Fund and the cost of acting as the collection agency for the fringe contributions. In no event shall any employer be entitled to receive any of the interest increment earned by cash bond deposit. Funds not claimed in the Cash Bond Fund for six (6) years shall revert to the Bricklayers Local 3 Health & Welfare Trust Fund and be used to defray expenses. Active employers leaving this jurisdiction, or retiring from business may, upon request to the Board of Trustees, be granted inactive status and removed from the monthly mailing list. A condition required for inactive status is that the employer notify the Union if the employer returns to active status in this jurisdiction. If an employer on inactive status does not notify the Union within one (1) day after commencing work in this jurisdiction, the employer will be liable for liquidated damages at the rate of twenty dollars ($20.00) per month or ten percent (10%) of all contributions due during the employer’s first month of work, whichever is greater, for each month from the date inactive status was granted to the date notice is given. Upon return to active status from inactive status, the employer further agrees to replenish his said employer’s cash deposit in the Cash Bond Fund, so as to equal the balance in the Fund at the time said employer was granted inactive status. In the event an employer is not located in this jurisdiction and starts work on a project covered by this Agreement, whi...
