Common use of Drawing Upon Security Clause in Contracts

Drawing Upon Security. Prior to Equity drawing upon any posted security, Equity will provide a letter or other form of written correspondence, to the Engager advising the Engager of the default or breach and the requirements including a timeline to remedy the default or breach. Equity may draw upon the security posted to meet payment to Artists of unpaid fees, including but not limited to overtime, vacation pay, HST, deducted, but unremitted dues payments and joining fees, insurance premiums and where not previously paid for or supplied in advance by the Engager, transportation costs of the Artist to the point of origin and return to the Artist's place of residence. However, the Engager recognizes Equity's need to protect the interests the Artists in an emergency, and, therefore, should it prove impossible to contact the Engager or its authorized representative in an emergency, Equity may proceed to draw upon security.