Common use of Requirement for Security Clause in Contracts

Requirement for Security. The District Council is entitled to require a Producer to post, no earlier than thirty (30) days prior to the commencement of work by the Guild Members, a security for payment sufficient to cover two (2) weeks’ Gross Remuneration of all Guild Members (to be based upon the production schedule provided by the Producer) and all District Council Remittances. The security for payment may take the form of a cash deposit to be held in trust by the District Council in an interest-bearing account, and all accrued interest shall be the property of the Producer, or at the Producer’s election, the security for payment may take the form of one or more irrevocable letters of credit in favour of the District Council, drawn on a Canadian chartered bank.

Requirement for Security. The District Council is entitled to require a Producer to post, no earlier than thirty (30) days prior to the commencement of work by the Guild Members, a security for payment sufficient suicient to cover two (2) weeks’ Gross Remuneration of all Guild Members (to be based upon the production schedule provided by the Producer) and all District Council Remittances. The security for payment may take the form of a cash deposit to be held in trust by the District Council in an interest-interest- bearing account, and all accrued interest shall be the property of the Producer, or at the Producer’s election, the security for payment may take the form of one or more irrevocable letters of credit in favour of the District Council, drawn on a Canadian chartered bank.

Requirement for Security. The District Council is entitled to require a Producer to post, no earlier than thirty (30) days prior to the commencement of work by the Guild Members, a security for payment sufficient to cover two (2) weeks’ Gross Remuneration of all Guild Members (to be based upon the production schedule provided by the Producer) and all District Council Remittances. The security for payment may take the form of a cash deposit to be held in trust by the District Council in an interest-interest- bearing account, and all accrued interest shall be the property of the Producer, or at the Producer’s election, the security for payment may take the form of one or more irrevocable letters of credit in favour of the District Council, drawn on a Canadian chartered bank.

Requirement for Security. The District Council is entitled to require a Producer to post, no earlier than thirty (30) days prior to the commencement of work by the Guild Members, a security for payment sufficient to cover two (2) weeks’ Gross Remuneration of all Guild Members (to be based upon the production schedule provided by the Producer) and all District Council Remittances. The security for payment may take the form of a cash deposit to be held in trust by the District Council in an interest-bearing account, and all accrued interest shall be the property of the Producer, or at the Producer’s 's election, the security for payment may take the form of one or more irrevocable letters of credit in favour of the District Council, drawn on a Canadian chartered bank.