Common use of BENEFIT BOND Clause in Contracts

BENEFIT BOND. 34.01 Before members of Local 83 are dispatched, to any employer who has not been a party to xxx Xxxxxxxxxx Collective Agreement for a minimum of twelve (12) months, such employer shall provide security for a period of one (1) year in the amount of five thousand dollars ($5,000.00). This five thousand dollar ($5,000.00) security shall be used by the Union in the event of a default of payment by the said employer of Welfare and/or Pension, Training, Safety and Industry Improvement Fund contributions as set forth in the aforesaid Collective Agreement. The five thousand dollar ($5,000.00) security shall be returned by the Union to the employer after thirty (30) days from the expiry of the one (1) year period that the security was provided by the employer including accumulated interest where the employer has not defaulted in any payments required for the Welfare, Pension, Training, Safety and Industry Improvement Fund referred to herein, within the one (1) year period.

BENEFIT BOND. 34.01 Before members of Local 83 are dispatched, to any employer who has not been a party to xxx Xxxxxxxxxx Collective Agreement for a minimum of twelve (12) months, such employer shall provide security for a period of one (1) year in the amount of five thousand dollars ($5,000.00). This five thousand dollar ($5,000.00) security shall be used by the Union in the event of a default of payment by the said employer of Welfare and/or Pension, Training, Safety and Industry Improvement Fund contributions as set forth in the aforesaid Collective Agreement. The five thousand dollar ($5,000.00) security shall be returned by the Union to the employer after thirty (30) days from the expiry of the one (1) year period that the security was provided by the employer including accumulated interest where the employer has not defaulted in any payments required for the Welfare, Pension, Training, Safety and Industry Improvement Fund referred to herein, within the one (1) year period.one