Wage and Fringe Benefit Bond. (a) In order to insure the payment of the wages and/or fringe benefits that are legally due under this Agreement, the local unions may require an Employer to deposit surety bond in the amount not to exceed Fifty Thousand Dollars ($50,000.00). Said bond will be with a surety licensed to do business in the State of Indiana. (b) It is expressly understood that the sole purpose of such a bond is for the benefit of the Employees working under this Agreement and for the purpose of insuring that they receive the wages and fringe benefits provided herein.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
