PERFORMANCE BOND AND CASH BOND GUARANTEE Sample Clauses

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.
Sample 1
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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...
Sample 1

Related to PERFORMANCE BOND AND CASH BOND GUARANTEE

  • Performance Bonds Buyer shall have obtained, or caused to be obtained, in the name of Buyer, replacements for Seller’s and/or Seller’s Affiliates’ bonds, letters of credit and guarantees, and such other bonds, letters of credit and guarantees to the extent required by Section 7.05.

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • Performance Bond and Payment Bond The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.

  • Performance/Bid Bond and Letter Of Credit There are no bonds required for the Contract resulting from this Solicitation. In accordance with Appendix B, section 45, Performance/Bid Bond, the Commissioner of OGS has determined that no performance, payment or Bid bond, or negotiable irrevocable letter of credit or other form of security for the faithful performance of the Contract shall be required at any time during the initial term, or any renewal term, for the resulting Contract and Authorized User Agreements.

  • Payment Guarantee 20.1 On Contracts where one hundred (100%) percent performance bonds and payment bonds are executed, this Article 20 does not apply.

  • Performance Guarantee 9.4.1 The Concessionaire shall, for the performance of its obligations hereunder during the Concession Period, provide to the Authority no later than [90] days prior to expiry of the Performance Security, an irrevocable and unconditional guarantee from a Bank for a sum equivalent to Rs. ***** crore (Rupees ***** crore)7 in the form set forth in Schedule-FF (the “Performance Guarantee”). Until such time the Performance Guarantee is provided by the Concessionaire pursuant hereto and the same comes into effect, notwithstanding anything contained in clause 9.3 the Performance Security shall remain in force and effect, and upon such provision of the Performance Guarantee pursuant hereto, the Authority shall release the Performance Security to the Concessionaire.

  • Payment and Performance Bonds The Contractor shall comply with the following minimum bonding requirements:

  • Payment and Performance Bond Prior to the execution of this Contract, City may require Contractor to post a payment and performance bond (Bond). The Bond shall guarantee Contractor’s faithful performance of this Contract and assure payment to contractors, subcontractors, and to persons furnishing goods and/or services under this Contract.

  • Performance Bank Guarantee 4.2.1 The Performance Bank Guarantee furnished by Power Producer to GUVNL shall be for guaranteeing the commissioining / commercial operation of the project up to the Contracted Capacity within SCOD.

  • Performance Guarantees Contractor agrees to provide the County the performance guarantees specified in Attachment A and to pay any penalties incurred in accordance with the terms of Attachment A.

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