Common use of Performance Bonds Clause in Contracts

Performance Bonds. 14.01 Notwithstanding any provisions in this Agreement or any Individual Employment Contract signed by an Employee, the Employer agrees that no Employee shall be required to start work prior to the signing of a Letter of Adherence with the Council, accompanied by the appropriate Performance Bond to guarantee wages and other moneys due and payable, in the amounts of: FEATURES: $150,000.00 SERIES: $100,000.00 PILOTS: $ 60,000.00 T.V. MOVIES: $ 60,000.00 or an otherwise agreed upon financial instrument. At the end of principal photography one-half (½) of such amount shall be returned to the Employer if no general payroll default has taken place. The balance of the bond shall be released two (2) weeks after the production has been completed and Separation Certificates have been issued to all Employees and the Employer has satisfied all of the obligations of this Agreement, including the settlement of any outstanding grievances. Subject to the above, partial bonds shall be returned to the Employer upon application at any time. When a bona fide dispute arises, the amount to be retained by the Council or its member Union will be predicated on the outstanding liability and the Council and/or its member Union shall not withhold bonds beyond that necessary to protect the outstanding liability. Should an Arbitrator find that the Employer has breached this Agreement, the Council may deduct from the amount of the Bond any monies that the Arbitrator determines are owing to Employees and/or the Union arising out of a breach of this Agreement.