Common use of Wage and Benefit Clause in Contracts

Wage and Benefit. Bond Each Contractor paying by check will provide a Wage and Fringe Benefit Bond payable to the employees and/or applicable funds, in an amount at least twice the average weekly payroll for the previous year for the Local Contractors and twice the largest anticipated payroll for the Traveling Contractors. Any payment of delinquent wages, as such, are to be paid from the Bond directly to the Trustees of the affected funds. 3 to 5 persons $ 5,000.00 10 to 15 persons $15,000.00 5 to 10 persons $10,000.00 above 15 persons $25,000.00 In the event payroll for the current year is reduced drastically from previous year, Contractor Bond Requirement, may be reduced by mutual agreement between the Contractor and the Local Union.