Common use of Security Payments Clause in Contracts

Security Payments. SECTION 1. The Contractor shall comply with all Federal and State laws governing Workers Compensation, Old Age Benefits, Social Security, Unemployment Compensation, Federal and State income tax withholding and so forth. In all cases, except where otherwise specifically required by law, the employer shall withhold and remit to the State of Illinois the required withholding amounts for residents of Illinois and shall withhold and remit to the State of Iowa the required withholding amounts for residents of Iowa. SECTION 2. In order to insure Ironworkers covered by this Agreement against the hazards of unemployment, resulting through no fault of their own, Employers who are not automatically within the provisions of State Unemployment Acts, or required to make contributions thereunder, hereby agree to make voluntary application to the proper state authorities so as to come within the statutory provisions of the Illinois and Iowa Unemployment Compensation and Workmen’s Compensation Acts relating to Employers who are not under said Acts and Regulations promulgated thereunder, regardless of number employed. The Contractor will furnish the Union their Unemployment Insurance Serial Number. SECTION 3. Any Contractor, if requested shall be required to post a bond in the amount of Twenty Thousand Dollars ($20,000) to insure payment of all negotiated wages and contributions. Five (5) days after notification by the Union to the Contractor, if the bonding provision of this agreement has not been satisfied, either verbally or in writing, the Union shall have the right to withhold Ironworkers from employment by the subject Contractor. If a project is less than five (5) days duration an Employer shall have the option of depositing an amount of money in an escrow account. These moneys shall be equal to the wages and all other contributions in lieu of posting a bond of the above amount. In the event the Employer does not satisfy either or any of the above provisions, of this Agreement, then the Union shall have the right to withhold Ironworkers from employment by the subject Contractor. SECTION 4. When requested, Employers who are parties to this agreement will furnish the Local Union signed letters on the letterhead of the individual Employer stating they have employed Ironworkers on a specific type of work and paid the negotiated scale of wages on any and all jobs which the individual Employer has performed with Ironworkers.