Common use of Posting Bond Clause in Contracts

Posting Bond. (a) All Employers must have a current bond on file that is in compliance with this Article. The Administrative Office of the Southern California Floor Covering Trust Funds (hereinafter “Trust Administrative Office”) shall have the authority to verify that each Employer signatory to this Agreement has a bond that is in compliance with this Article. (b) All Employers who become signatory to the Master Labor Agreement (“MLA”), an Agreement Counterpart to the MLA, or a Participation Agreement, shall post a $10,000.00 indemnity bond through a recognized bonding company or deposit $10,000.00 in cash with the Trust Administrative Office, located at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, phone: (▇▇▇) ▇▇▇-▇▇▇▇ or at such other address designated as the Trust Administrative Office. This Bond shall remain in effect for at least the entire term of this MLA, in accordance with the provisions herein. (c) The bond or cash is to indemnify workers for Wages, Travel Expense and Subsistence, to indemnify the Union for dues and to indemnify the Trust Funds for Apprenticeship and Training, Health and Welfare, Pension, Vacation/Holiday, Contract Administration and Labor Management Cooperation contributions, liquidated damages, interest (paid in accordance with a rate determined by the Trustee’s), together with any administrative fees, and attorney fees and costs incurred by the Union or Trust Funds to collect the amounts owed (hereinafter together referred to as “Negotiated Payments”).

Posting Bond. (a) All Employers must have a current bond on file that is in compliance with this Article. The Administrative Office of the Southern California Floor Covering Trust Funds (hereinafter “Trust Administrative Office”) shall have the authority to verify that each Employer signatory to this Agreement has a bond that is in compliance with this Article. (b) All Employers who become signatory to the Master Labor Agreement (“MLA”), an Agreement Counterpart to the MLA, or a Participation Agreement, shall post a $10,000.00 indemnity bond through a recognized bonding company or deposit $10,000.00 in cash with the Trust Administrative Office, located at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇Suite 150, ▇▇ ▇▇▇▇▇El Monte, CA 91731, phone: (▇▇▇) ▇▇▇-▇▇▇▇ or at such other address designated as the Trust Administrative Office. This Bond shall remain in effect for at least the entire term of this MLA, in accordance with the provisions herein. (c) The bond or cash is to indemnify workers for Wages, Travel Expense and Subsistence, to indemnify the Union for dues and to indemnify the Trust Funds for Apprenticeship and Training, Health and Welfare, Pension, Vacation/Holiday, Contract Administration and Labor Management Cooperation contributions, liquidated damages, interest (paid in accordance with a rate determined by the Trustee’s), together with any administrative fees, and attorney fees and costs incurred by the Union or Trust Funds to collect the amounts owed (hereinafter together referred to as “Negotiated Payments”).

Posting Bond. (a) All Employers must have a current bond on file that is in compliance with this Article. The Administrative Office of the Southern California Floor Covering Trust Funds (hereinafter “"Trust Administrative Office”") shall have the authority to verify that each Employer signatory to this Agreement has a bond that is in compliance with this Article. (b) All Employers who become signatory to the Master Labor Agreement (“"MLA”"), an Agreement Counterpart to the MLA, or a Participation Agreement, shall post a $10,000.00 indemnity bond through a recognized bonding company or deposit $10,000.00 in cash with the Trust Administrative Office, located at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇Suite 150, ▇▇ ▇▇▇▇▇El Monte, CA 91731, phone: (▇▇▇) ▇▇▇-▇▇▇▇ or at such other address designated as the Trust Administrative Office. This Bond shall remain in effect for at least the entire term of this MLA, in accordance with the provisions herein. (c) The bond or cash is to indemnify workers for Wages, Travel Expense and Subsistence, to indemnify the Union for dues and to indemnify the Trust Funds tfunds for Apprenticeship and Training, Health and Welfare, Pension, Vacation/Holiday, Contract Administration and Labor Management Cooperation contributions, liquidated damages, interest (paid in accordance with a rate determined by the Trustee’s's), together with any administrative fees, and attorney fees and costs incurred by the Union or Trust Funds tfunds to collect the amounts owed (hereinafter together referred to as “"Negotiated Payments”").