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Industry Marketing Program, or Industry Fund, and such delinquency is in excess of the
<br />Bond Deposit, it will be left to the discretion of Fund Trustees to have money transferred
<br />from the Employer's Escrow deposit for the 1XII-p0se of paying the EMPLOYER'S
<br />delinquencies to said Funds on a proportionate basis, after delinquent Wages,
<br />Vacation/Savings, Dues Check Off' (orWorking Assessment), Market Recovery, C.O.P.E.
<br />have been paid.
<br />At the time of the transfer of Funds from the Employees Escrow Account, a certified
<br />letter will be sent to the EMPLOYER and he will be given 96 hours to replenish his Escrow
<br />Account deposit to the original amount required. If not replenished in that period of time,
<br />work will cease on all jobs until payment is made. If the Employees are removed from the
<br />job by the: UNION to enforce such payments and penalties, the Employees shall be paid
<br />by the delinquent EMPLOYER for all time lost at the straight time hourly rate.
<br />(b) Application of the above procedures will not preclude the UNION from
<br />proceeding with other methods to obtain payment of such delinquent payments.
<br />(c) Payments to the Funds are to be computed at the end of each month and must
<br />be postmarked no later than the twentieth (20th) of the following month after which time
<br />the payments will be considered delinquent. In the event an EMPLOYER fails to make
<br />either prompt and timely payment to any Fringe Benefit Fund, or prompt and timely
<br />payment of deductions for vacation savings, Carpenters dues check off (or working
<br />assessment), C.O.P.E. or Market Recovery in accordance with this AGREEMENT, he
<br />shall be assessed interest and liquidated damages, it being understood and agreed that
<br />damages resulting from such late payments are substantial, but are difficult, if not
<br />impossible to ascertain. The rate of interest and the amount of liquidated damages
<br />payable to each Fringe Benefit Fund shall be that which, is fixed from time to time by each
<br />of the several Board of Trustees. In the case of either vacation savings, Carpenters dues
<br />check off (or working assessment), C.O.P.E. or Market Recovery, or if no such interest
<br />and liquidated damages are fixed by the Trustees of a Fringe Benefit Fund, the interest
<br />on the delinquent amount shall be at the prime rate then in effect at the First National
<br />Bank of Chicago or 10% whichever is higher.
<br />If payment is not postmarked by the twentieth (20th) of the month, the EMPLOYER
<br />shall be sent a notice of his delinquency and if payment is not received within 96 hours,
<br />all Employees will be removed from all EMPLOYER'S jobs by the UNION to enforce such
<br />payment and penalties. If the Employees are removed from the job by the UNION to
<br />enforce payments and penalties, the Employees shall be paid by the delinquent
<br />EMPLOYER for all Jost time at the straight time hourly rate.
<br />(d) An Employer shall be deemed to be delinquent to the extent that Vacation Savings,
<br />Dues Check Off (or working assessment), Market Recovery, C.O.P.E., Welfare, Pension,
<br />Annuity, Journeyman Upgrade, BCRC, UB,C National Training Fund, Apprenticeship,
<br />Carpenters Training Promotional LMCC, Building Industry Marketing Program, or Industry
<br />Fund payments are not postmarked on or before the twentieth (20th) day of the month
<br />following the month in which the work giving rise to the contributions was performed.
<br />(e) With respect to contributions for work performed after the effective date of this
<br />contract, Employer Contributions payable to the Welfare, Pension, Annuity, Journeyman
<br />Upgrade, Apprenticeship, UBC National Training Fund, BCRC, Carpenters Training
<br />Promotional LIVICC, Building IndustryMarketing Program, or Industry Fund ("Funds")
<br />shall be credited first to the earliest time period for which a delinquent contribution is
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