DAMAGES FOR NONPAYMENT Sample Clauses

DAMAGES FOR NONPAYMENT. Insofar as payments by the individual Employer into this Trust are concerned, time is of the essence. The parties recognize and acknowledge that the regular and prompt payment of amounts due by individual Employers to the Trust is essential to the operation of the Trust and the provision of benefits under the Benefit Plan and thus it would be extremely difficult, if not impractical, to fix the actual expense and damage to this Trust and to the covered employee which will result from the failure of an individual Employer to make such monthly payments in full within the time provided. Therefore, it is agreed that the amount of damage resulting from such failure to make contributions hereunder before the twenty-fifth (25th) day of the month in which they are due shall be, by way of liquidated damages and not as a penalty, the sum of fifty dollars ($50.00) for each failure to pay in full within the time provided, or twenty percent (20%) of the amount due and unpaid, whichever is the greater, which amount shall become due and payable to this Trust at the principal office of this Trust upon the day following the twenty-fifth (25th) day of the month in which such delinquency occurred, and shall be added to and become a part of said amount due and unpaid and the whole thereof shall bear interest at the rate of twelve percent (12%) per annurn until paid. If the Employer defaults in whole or in part in the payment of any payments due this Fund, in addition to the amount due and the liquidated damages provided for in this Article, there shall be added to the obligation of the defaulter all reasonable expenses incurred by this Fund in the collection of the same, including, but not limited to, reasonable attorneys' (with a minimum of fifty dollars ($50.00)) and accountants' fees, costs of attachment bond, and court costs. It shall be the duty of the Trustees to enforce collection of payments due the Trust from the individual Employers and, in the event of legal action, the venue shall be laid in King County, Washington.
Sample 1
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Related to DAMAGES FOR NONPAYMENT

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  • No Damages for Delays Notwithstanding any other provision of this contract, Engineer shall not be entitled to claim or receive any compensation as a result of or arising out of any delay, hindrance, disruption, force majeure, impact or interference, foreseen or unforeseen.

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  • Withholding for unpaid wages and liquidated damages The FHWA or the contacting agency shall upon its own action or upon written request of an authorized representative of the Department of Labor withhold or cause to be withheld, from any moneys payable on account of work performed by the contractor or subcontractor under any such contract or any other Federal contract with the same prime contractor, or any other federally-assisted contract subject to the Contract Work Hours and Safety Standards Act, which is held by the same prime contractor, such sums as may be determined to be necessary to satisfy any liabilities of such contractor or subcontractor for unpaid wages and liquidated damages as provided in the clause set forth in paragraph (2.) of this section.

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