Common use of Security of Funds Clause in Contracts

Security of Funds. 12.1 Upon signing an EMPLOYER to this Collective Bargaining Agreement, the EMPLOYER must submit to the Union a complete list of all EMPLOYEES and jobs; also, proof of having proper Worker’s Compensation and Unemployment Insurance. 12.2 ALL Painting, and Wallcovering EMPLOYERS are required to post a security bond; the original shall be filed with the District Council # 21 office. The amount of the bond for EMPLOYERS averaging 1 to 15 EMPLOYEES shall be $30,000.00, 16 to 35 EMPLOYEES shall be $50,000.00 and over 35 EMPLOYEES ALL Glazing & Drywall Finishing EMPLOYERS ONLY Bonding of Fringe Benefits and Employee Deductions Only Bonding limits based on average manpower over last 12 months. If 12 months not available Prior 6 months. Monthly Payer (January due by the end of February) Bi-Monthly Payer (January 1 -15, due January 31st January 16-31, due February 15th) Memorandum of Understanding: Bonding of Fringe Benefits and Employee Deductions Only Bonding limits based on average manpower over last 12 months. If 12 months not available Prior 6 months. Monthly Payer (January due by the end of February) Bi-Monthly Payer (January 1-15, due January 31st January 16-31, due February 15th) 12.3 For All Painting EMPLOYERS, in lieu of a minimum bond or letter of credit, the EMPLOYER eligible for the minimum coverage must deposit the sum of $ 1,000.00 Per Man Per Week, by certified check to be held in escrow by the Fund Office, until such time the EMPLOYER shall produce a bond based on the above scale, or no longer employs District Council # 21 members. 12.3.1 EMPLOYERS working under these circumstances may be required by the Union to pay fringe benefits and deductions on a weekly basis. 12.4 Vacation Fund escrow will also be retained (per Article 13.4.1)

Security of Funds. 12.1 Upon signing an EMPLOYER to this Collective Bargaining Agreement, the EMPLOYER must submit to the Union a complete list of all EMPLOYEES and jobs; also, proof of having proper Worker’s Compensation and Unemployment Insurance. 12.2 ALL Painting, and Wallcovering EMPLOYERS are required to post a security bond; the original shall be filed with the District Council # 21 office. The amount of the bond for EMPLOYERS averaging 1 to 15 EMPLOYEES shall be $30,000.00, 16 to 35 EMPLOYEES shall be $50,000.00 and over 35 EMPLOYEES ALL Glazing & Drywall Finishing EMPLOYERS ONLY Bonding of Fringe Benefits and Employee Deductions Only Bonding limits based on average manpower over last 12 months. If 12 months not available Prior 6 months. Monthly Payer (January due by the end of February) Bi-Monthly Payer (January 1 -15, due January 31st January 16-31, due February 15th) Memorandum of Understanding: Bonding of Fringe Benefits and Employee Deductions Only Bonding limits based on average manpower over last 12 months. If 12 months not available Prior 6 months. Monthly Payer (January due by the end of February) Bi-Monthly Payer (January 1-15, due January 31st January 16-31, due February 15th)Payer 12.3 For All Painting EMPLOYERS, in lieu of a minimum bond or letter of credit, the EMPLOYER eligible for the minimum coverage must deposit the sum of $ 1,000.00 Per Man Per Week, by certified check to be held in escrow by the Fund Office, until such time the EMPLOYER shall produce a bond based on the above scale, or no longer employs District Council # 21 members. 12.3.1 EMPLOYERS working under these circumstances may be required by the Union to pay fringe benefits and deductions on a weekly basis. 12.4 Vacation Fund escrow will also be retained (per Article 13.4.1)

Security of Funds. 12.1 Upon signing an EMPLOYER to this Collective Bargaining Agreement, the EMPLOYER must submit to the Union a complete list of all EMPLOYEES and jobs; also, proof of having proper Worker’s Compensation and Unemployment Insurance. 12.2 ALL Painting, and Wallcovering EMPLOYERS are required to post a security bond; the original shall be filed with the District Council # 21 office. The amount of the bond for EMPLOYERS averaging 1 to 15 EMPLOYEES shall be $30,000.00, 16 to 35 EMPLOYEES shall be $50,000.00 and over 35 EMPLOYEES ALL Glazing & Drywall Finishing EMPLOYERS ONLY Bonding of Fringe Benefits and Employee Deductions Only Bonding limits based on average manpower over last 12 months. If 12 months not available Prior 6 months. Monthly Payer (January due by the end of February) Bi-Monthly Payer (January 1 -15, due January 31st January 16-31, due February 15th) Memorandum of Understanding: Bonding of Fringe Benefits and Employee Deductions Only Bonding limits based on average manpower over last 12 months. If 12 months not available Prior 6 months. Monthly Payer (January due by the end of February) Bi-Monthly Payer (January 1-15, due January 31st January 16-31, due February 15th) 12.3 For All Painting EMPLOYERS, in lieu of a minimum bond or letter of credit, the EMPLOYER eligible for the minimum coverage must deposit the sum of $ 1,000.00 Per Man Per Week, by certified check to be held in escrow by the Fund Office, until such time the EMPLOYER shall produce a bond based on the above scale, or no longer employs District Council # 21 members. 12.3.1 EMPLOYERS working under these circumstances may be required by the Union to pay fringe benefits and deductions on a weekly basis. 12.4 Vacation Fund escrow will also be retained (per Article 13.4.1)