Common use of DEFAULT OF PAYMENT Clause in Contracts

DEFAULT OF PAYMENT. 16.01 If any contractor shall default in remitting payments required to be made pursuant to this Article within the time specified, and default shall continue for ten days or more, then in addition to any other remedy available to Local Union 46 or to any employees, such defaulting Contractor shall pay to the Trustees, as liquidated damages and not as a penalty, an amount equal to five percent of the arrears for each month or part thereof during which such default continues. The said damages shall become due and be payable upon the 21st day of the month, following the month for which contributions were to be made. The five percent of the said arrears shall become due and be payable by such Contractor on the 21st day of each successive month while default continues. For the purpose of calculating the five percent as foresaid, “arrears” shall be deemed to include all accumulated damages remaining unpaid. 16.02 Where the Union has reasonable grounds to believe that proper payments or contributions have not been made under this Agreement, the Union or the Association shall have the right to inspect the employer’s records.

DEFAULT OF PAYMENT. 16.01 If any contractor Contractor shall default in remitting payments required to be made pursuant to this Article within the time specified, and default shall continue for ten days or more, then in addition to any other remedy available to Local Union 46 or to any employees, such defaulting Contractor shall pay to the Trustees, as liquidated damages and not as a penalty, an amount equal to five percent of the arrears for each month or part thereof during which such default continues. The said damages shall become due and be payable upon the 21st day of the month, following the month for which contributions were to be made. The five percent of the said arrears shall become due and be payable by such Contractor on the 21st day of each successive month while default continues. For the purpose of calculating the five percent as foresaid, “arrears” shall be deemed to include all accumulated damages remaining unpaid. 16.02 Where the Union has reasonable grounds to believe that proper payments or contributions have not been made under this Agreement, the Union or the Association shall have the right to inspect the employerEmployer’s records.