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Said deductions may be increased or <br />decreased by giving employers 60 days <br />written notice, but not more often than <br />once in a six month period. <br />Section XVII. DELETED 6-1-2014 <br />FURNISHING BOND <br />Section XVIII. A contractor employing <br />ironworkers will be bonded, the bonding <br />format will be as follows: <br />(A) Bonds shall be issued by a surety <br />company, which should have a rating of <br />"A-7" i.e. A minus 7 or better as rated by <br />the A.M. Best rating Service, assuring <br />proper wages and fringe benefits. Bonds <br />will be delivered to the Fringe Fund <br />Office, and will be based on the previous <br />year's monthly manhour average, as per <br />authorized reporting forms. The amount <br />of the bond to be posted is as follows: <br />1) Twenty (20) or more ironworkers <br />$75,000.00 bond <br />2) Ten (10) through nineteen (19) <br />ironworkers $50,000.00 bond <br />3) Nine (9) and fewer ironworkers <br />$20,000.00 bond <br />All bonds will be made payable to <br />Local 395 Fringe Fund Disbursement <br />Office. Until the appropriate bond has <br />been received by the Fringe Fund Office, <br />all fringe benefits will be paid on a <br />weekly basis. Furthermore, said bonding <br />language will pertain to all contractors <br />working in Local 395's territorial <br />jurisdiction regardless of what agreement <br />the project is being performed under. <br />B) When a new contractor enters the <br />jurisdiction of Local 395 and has no <br />previous reporting records, and it is <br />determined that the projection of work <br />would meet one of the above situations <br />(1) through (3), the appropriate bond will <br />be secured. If a bond cannot be obtained, <br />33 34 <br />