Opening of Bids - Three Twenty at the Cascade Glazed Assemblies Project No 118-074A - Precision Wall Systems Inc

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C. By means of an irrevocable letter of credit with a value of twenty-five thousand dollars ($25,000) with a bank acceptable to District Council 91 with said letter of credit naming the Union as benet:iciary. A sight draft shall be drawn on the letter of credit when District Council 91 presents a written statement to the bank stating the amount of unpaid wages, fringe benefits, deductions and any late payment fees thereto. The irrevocable letter of credit shall utilize the form which is attached to this Agreement, unless District Council 91 otherwise agrees in writing. D. In those cases in which an Employer cannot obtain the required bonding, the escrow deposit or an irrevocable letter of credit, the contractor may become signatory providing the contractor signs a Memorandum of Agreement agreeing to pay the fringe benefits weekly for up to 12 months. During the 12 month period, the contractor must attempt to obtain one of the above bonding options. SECTION 2: A surety arrangement posted with District Council 91 (and any of its other affiliated local unions, to the extent that the surety arrangement is "District Council wide") meeting any one of the above requirements will be acceptable for the collection of unpaid wages, delinquent fringe benefits and delinquent deductions (and late fees, to the extent permitted by the particular security arrangement)owed for any work performed under this Agreement provided such surety arrangement can be minimally applied to the delinquent principal amounts (wages, fringe benefits and deductions) occurring under this Agreement. Separate or duplicate bonding will not be required when the Employer or Contractor works in any jurisdiction covered by District Council 91. Separate bonding, or its equivalent, may be required by an Agreement the Employer or Contractor may have with the International Union. Section 6. Workers Compensation Insurance and Alternative -Dispute Resolution Pro - rg ams. The Employer agrees, upon execution of and throughout the term of this Agreement and any extensions thereof, to elect to be bound by the provisions of all State and local Workers Compensation laws that are applicable to work performed by the Employer. The Employer further agrees to provide and furnish a Certificate of Insurance covering all liability and obligations under such laws to the Union and the local Joint Trade Board. If local or state laws permit the establishment of an Alternative Dispute Resolution Workers' Compensation Program (ADR Program) and where a Finishing Contractors Association Local Chapter is a party to this Agreement and has lawfully created and/or established an ADR Program that will provide all required state and local workers' compensation benefits, the Employer may elect to participate in such ADR Program. Said ADR Program rules or regulations shall be submitted to the Union for review prior to implementation by the Employer. ARTICLE XXXI Flexibility to Modify Agreement to Expand or Recover Work The terms and conditions of this agreement may be modified to lower the wage and benefit package or to eliminate or modify provisions of the Agreement by the Business Manager/Secretary-Treasurer of the Union. This power may be used by the BN1/ST for the purposes of organizing, recovering market share, maintaining or entering a particular market segment, and/or for entering into maintenance agreements. ARTICLE XXXH "AT and Finishing Contractors Association Not a Party to the Collective Bargaining Agreement 25