Posting Security Sample Clauses

Posting Security. (A) Employers who become delinquent may be required to provide some form of additional security against further delinquencies in form and amount satisfactory to the Funds; i.e. a bond, advance deposit or letter of credit ("Security"). Security may be in an amount which is approximately twice the estimated average contributions of the Employer. The estimated average contribution may be equal to the contributions required of such Employer for the prior twelve months, divided by twelve, unless the Funds determine that a different sum is more representative of the Employer’s current workforce. The Funds will notify the Employer in writing of the amount of the Security required. (B) Security should be continued until the Employer has been delinquency-free for a period of twelve consecutive months. At the conclusion of the twelve month period, the Security may be used to offset contributions then due, until extinguished. (C) The size of the Security may be increased, if the Funds determine in good faith that the Employer’s business has increased such that the Security no longer adequately protects the Funds from further delinquency. In no event will the Security be decreased. The Trustees will notify the Employer in writing of any increase required in the Security. (D) Earnings on the Security, if posted in cash with the Funds, are the Funds’ property, and earnings may not be credited or creditable to the Employer’s current or delinquent contributions. (E) Posting Security does not relieve the Employer from continuing to make all regular contributions required by the Collective Bargaining Agreement. (F) Posting of Security does not relieve an Employer from its obligation to pay liquidated damages, interest, legal and other fees, costs and other permissible charges as noted in this Policy, the Collective Bargaining Agreement and the Funds’ Trust Agreements. (G) In the event of further default in making contributions, or if the Employer fails to post Security, or if the Employer fails to post any required increase in the Security, within ten (10) days after written notification, the Funds may apply the Security to the payment of the unpaid contributions and other costs in the order of the first incurred or imposed charges.

Posting Security. Unless security has otherwise been posted to the Town though a parallel permitting process under the Building Code Act , 1992, S.O. 1992, c. 23 or similar legislation, the Town my require and the Property Owner agrees, so as to assure the performance by the Property Owner of each of the terms and conditions of this Agreement pending completion of the Work to the satisfaction of ERCA and the Town, upon execution of this Agreement, to forthwith deposit with the Town, security in an amount which is equal to $ . For greater certainty, the amount of said security shall be subject to approval by the Town's Clerk and Solicitor. Said security shall be either by way of a) cash, or