Common use of Transfers between Funds Clause in Contracts

Transfers between Funds. If a Principal is eligible to belong to more than one Fund, the Principal will be entitled to notify the Employer that the Principal wishes the Employer to pay contributions in respect of the Principal to a new Fund. The Employer will only be obliged to make such contributions to the new Fund where the Employer has been advised in writing: (a) of the Principal’s application to join the other Fund; and (b) that the Principal has notified the trustees of the Principal’s former Fund that the Principal no longer wishes the contributions which are paid on the Principal’s behalf to be paid to that Fund.