Common use of Assignment of Funds Clause in Contracts

Assignment of Funds. (c) It is understood that the settlements made by Labor Management are total package with fringe distributions determined using the following criteria. First priority must be given to the Health & Welfare Fund. The distribution must respond to the needs of the Health & Welfare Fund as determined by the Health & Welfare committee. The next priority is the Pension Fund. As in the case of the Health & Welfare Fund, the Pension Committee will provide the Labor Management Committee with their requirements for the upcoming year. Once these funds have been satisfied, the Local Union representatives may determine further wage & fringe distributions. Wage Distributions for the term of the Agreement will be made at settlement. Final disposition will be reviewed by the Labor Management Committee to ensure that the process is followed. Once the agreement is made, any shift in monies cannot increase the previously agreed to total package amount.

Assignment of Funds. (c) It is understood that the settlements made by Labor Management are total package with fringe distributions determined using the following criteria. First priority must be given to the Health & Welfare Fund. The distribution must respond to the needs of the Health & Welfare Fund as determined by the Health & Welfare committee. The next priority is the Pension Fund. As in the case of the Health & Welfare Fund, the Pension Committee will provide the Labor Management Committee with their requirements for the upcoming year. Once these funds have been satisfied, the Local Union local union representatives may determine further wage & fringe distributions. Wage Distributions for the term of the Agreement will be made at settlement. Final disposition will be reviewed by the Labor Management Committee to ensure insure that the process is followed. Once the agreement is made, any shift in monies cannot increase the previously agreed to total package amount.