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    Bailbond 2

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    romnick
    This document is a surety bond for payment between an employer, a surety company, and an employee benefit fund obligee. [1] The surety bond guarantees payment of $25,000 to the obligee for any unpaid employee fringe benefits owed by the employer according to its collective bargaining agreement. [2] The surety is liable for unpaid benefits within 30 days of notice from the obligee and can terminate the bond with 30 days notice to the other parties. [3] The bond remains in effect despite any future modifications to the collective bargaining agreement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Bailbond 2

    Uploaded by

    romnick
    112 views5 pages
    This document is a surety bond for payment between an employer, a surety company, and an employee benefit fund obligee. [1] The surety bond guarantees payment of $25,000 to the obligee for any unpaid employee fringe benefits owed by the employer according to its collective bargaining agreement. [2] The surety is liable for unpaid benefits within 30 days of notice from the obligee and can terminate the bond with 30 days notice to the other parties. [3] The bond remains in effect despite any future modifications to the collective bargaining agreement.

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    bailbond 2

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    This document is a surety bond for payment between an employer, a surety company, and an employee benefit fund obligee. [1] The surety bond guarantees payment of $25,000 to the obligee for any unpaid employee fringe benefits owed by the employer according to its collective bargaining agreement. [2] The surety is liable for unpaid benefits within 30 days of notice from the obligee and can terminate the bond with 30 days notice to the other parties. [3] The bond remains in effect despite any future modifications to the collective bargaining agreement.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    112 views5 pages

    Bailbond 2

    Uploaded by

    romnick
    This document is a surety bond for payment between an employer, a surety company, and an employee benefit fund obligee. [1] The surety bond guarantees payment of $25,000 to the obligee for any unpaid employee fringe benefits owed by the employer according to its collective bargaining agreement. [2] The surety is liable for unpaid benefits within 30 days of notice from the obligee and can terminate the bond with 30 days notice to the other parties. [3] The bond remains in effect despite any future modifications to the collective bargaining agreement.

    Copyright:

    © All Rights Reserved
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    SURETY BOND FOR PAYMENT

    GIVEN BY: ______________________________________

    ON BEHALF OF: ________________________________

    FOR OBLIGEE: INTERNATIONAL UNION OF OPERATING ENGINEERS LOCAL


    825 EMPLOYEE BENEFIT FUNDS
    ______________________________________________________________________________

    BOND NUMBER: _____________________________________________________________

    THIS SURETY BOND FOR PAYMENT (“Surety Bond”) is made on this ______ day of
    ____________, 2017 by and between ________________________________ (“Employer”), with a
    principal place of business at _____________________, ___________, ____________, and
    ______________________ (“Surety”), of the state of ________________________________, a
    corporation duly organized under the laws of the State _____________________, with a principal
    place of business at __________________,_____________, _________ (collectively, the “Parties”).

    WHEREAS, the Surety is held and firmly bound unto the International Union of Operating
    Engineers Local 825 Employee Benefit Funds, 65 Springfield Avenue, Second Floor, Springfield,
    New Jersey, 07081 (“Obligee”), in the penal sum of ($25,000.00) TWENTY-FIVE THOUSAND
    DOLLARS, lawful money of the United States of America, for the payment of which sum, well and
    truly to be made; and

    WHEREAS, the Principal has entered into a certain collective bargaining agreement
    (“CBA”) with the Obligee guaranteeing payment of assessments for Pension, Welfare, Annuity,
    Apprenticeship Training, Supplemental Unemployment Benefit and Vacation Funds (“Fringe
    Benefits”); and

    WHEREAS, this surety bond is now given by the Surety on behalf of the Principal, and by
    the Principal, to the Obligee, to guarantee the payment of fringe benefits due on behalf of the
    Principal’s employees who perform covered work, as defined by the CBA between the International
    Union of Operating Engineers Local 825 and the Principal; and

    NOW THEREFORE, the Parties having agreed to create this surety bond for the Obligee’s
    benefit, do hereby assent to the following terms:

    1. Binding Release / Bond Amount. Parties do hereby bind themselves, jointly and
    severally, to Obligees, to all the terms contained in this surety bond for payment, in
    the amount of TWENTY-FIVE THOUSAND DOLLARS ($25,000.00), and so
    bind their successors, assigns, heirs, administrators and executors.

    1
    2. Fringe Benefit Calculation. The fringe benefits assured and guaranteed by this
    surety bond shall be calculated in the manner and by the rates delineated in the CBA.

    3. Time for Payment to Obligee. The payment of fringe benefits assured and
    guaranteed herein shall be made to the Obligee within thirty (30) days after the
    Obligee notifies the Surety that the Principal is delinquent in remitting fringe benefits
    to its employees who performed covered work as delineated by the CBA.

    4. Notice. All notices, requests, demands, including request for payment of fringe
    benefit funds as articulated in paragraph 3, supra, of this surety bond, and other
    communications hereunder must be in writing and shall be deemed to have been duly
    given if delivered by hand or mailed within the continental United States by first
    class, certified mail, return receipt requested, postage and registry fees prepaid, to the
    applicable party as follows:

    If to the Obligee, 825 Fringe Benefit Funds:


    Christine Medich, Fund Administrator
    IUOE Local 825 Employee Benefits Funds
    65 Springfield Avenue, 2nd Floor
    Springfield, New Jersey 07081

    With Copy to:


    Vincent M. Giblin, Esq.
    DeCotiis, Fitzpatrick, Cole & Giblin, LLP
    Glenpointe Centre West
    500 Frank W. Burr Boulevard
    Teaneck, New Jersey 07666

    If to Principal:
    NAME OF OFFICER:____________________________________________
    NAME OF COMPANY: _________________________________________
    ADDRESS OF COMPANY:_______________________________________
    CITY, STATE, ZIP: ______________________________________________

    With Copy to:


    ATTORNEY: ___________________________________________________
    LAW FIRM: ___________________________________________________
    ADDRESS: _____________________________________________________
    CITY STATE ZIP: _______________________________________________

    If to Surety:
    NAME OF SURETY: ____________________________________________
    NAME OF COMPANY: _________________________________________
    ADDRESS OF SURETY: _________________________________________
    2
    CITY STATE ZIP: _______________________________________________

    5. Surety’s Right to Terminate. Surety may terminate this surety bond by serving
    written notice upon the Principal and the Obligee, no less than (30) days prior to the
    effective date of termination, in the manner delineated herein in paragraph 4. Surety
    shall remain liable for any of the Principal’s fringe benefit delinquencies that accrued
    between the date of this surety bond’s creation and the termination date of the same.

    6. Surety’s Liability to Obligee. Surety is bound hereunder independently of Principal


    in the maximum amount of TWENTY-FIVE THOUSAND DOLLARS
    ($25,000.00). Obligee may collect from Surety the principal amount of Principal’s
    delinquent fringe benefits, in addition to any applicable interest, liquidated damages,
    fees, and costs awarded by an arbitrator with jurisdiction over the delinquency, or
    additional fees above on beyond the principal delinquency amount that are statutorily
    granted under any pertinent federal laws.

    7. Obligee’s Notifications to Surety. In the event of Principal’s default to the Obligee,


    the Obligee shall notify the Surety within ninety (90) days after the Obligee shall
    have had knowledge of such default, and provided further than no suit, action or
    proceeding shall be brought hereunder, unless the same be instituted within one (1)
    year after the date of expiration or cancellation of this bond. If time limitations for
    notice of loss or institution of suit, action or legal proceeding is shorter than that
    permitted to be fixed by agreement under any statute controlling the construction of
    this Bond, the shortest permissible statutory limitation of time shall govern and shall
    supersede the time limitation stated herein. For the purposes of this Surety Bond, the
    Principal shall be deemed in default upon the issuance of an arbitration award
    declaring that it owes money to the Funds for contributions.

    8. Partial and Multiple Claims Against Surety Bond. Partial and multiple claims are
    permitted under this surety bond as long as the claims in the aggregate do not exceed
    the value of this surety bond.

    9. Renewal or Modification of CBA’s Effect on Surety Bond: The renewal,


    extension or modification of the CBA shall not invalidate or otherwise modify this
    surety bond. The terms of the CBA or any successor agreement may be changed and
    modified without the knowledge or consent of the Surety. Surety may, however,
    request a copy of any modified CBA which alters the fringe benefits calculation rates.

    10. Estimation of Delinquent Benefits. The Principal’s failure to file employer


    remittance reports as it is required to do by the CBA, shall not impact the Obligee’s
    rights to collect delinquent fringe benefit Funds from the Surety. Should the
    Principal fail to file its employer reports, the Benefit Funds are entitled to estimate
    and set the amount due and collect the same from the Surety.
    3
    11. Authority. The undersigned signatories represent and warrant that he, she, or it have
    the authority to create this surety bond and bind himself, herself, or itself thereto.

    12. Counterpart Originals. This surety bond may be executed in their original version
    or in copies, counterparts, or other such duplicate versions. All signatures need not
    appear on the same copy, and the parties may execute different copies, so long as
    they contain identical provisions and all such executed copies shall constitute the
    complete agreement. Signatures made by facsimile copy shall have the same force
    and effect as original signatures.

    13. Entire Understanding. This surety bond contains the entire understanding between
    the Parties and supersedes any and all prior agreements between the Parties
    concerning the subject matter contained herein. No representations, promises,
    understandings, covenants, or undertakings, oral or otherwise, shall have any force or
    effect except as set forth in this surety bond. The Parties acknowledge that they are
    not relying on any representations other than those expressly set forth herein. This
    surety bond may not be modified except by written instrument executed and
    acknowledged by all of the parties.

    14. Enumerations and Paragraph Titles. The enumerations and boldface descriptions
    of each paragraph contained herein are for convenience only and have no legal
    meaning or significance whatsoever.

    15. Signatures. This surety bond is hereby agreed to and accepted in substance and in
    form by and among the parties.

    WHEREFORE, SURETY AND PRINCIPAL so bind themselves by signatures and seals:

    FOR THE SURETY:

    ______________________________________ Dated: _________, _____, 2017


    NAME
    TITLE
    SURETY COMPANY NAME

    FOR THE PRINCIPAL:

    ______________________________________ Dated: __________, _____, 2017


    NAME
    TITLE
    4
    PRINCIPAL EMPLOYER’S NAME
    CORPORATION ACKNOWLEDGMENT

    STATE OF __________________
    COUNTY OF ________________

    On this ______________ day of _________________ in the year ______, before me


    personally came ___________________ to me known, who, being my duly sworn, did depose
    and say he or she resides in __________________; that he or she is the____________________
    ____________________ of ________________________, the entity described herein and which
    executed the foregoing instrument; that the seal affixed to said instrument is such corporate seal;
    and that it was so affixed by order of the Board of Directors of the said corporation, and that he
    or she signed his or her name thereto by like order.

    __________________________
    NOTARY PUBLIC

    SURETY ACKNOWLEDGMENT

    STATE OF __________________
    COUNTY OF ________________

    On this ______________ day of _________________ in the year ______, before me


    personally came ___________________ to me known, who, being my duly sworn, did depose
    and say he or she resides in __________________; that he or she is the ___________________,
    _________________________________________the entity described herein and which
    executed the foregoing instrument; that the seal affixed to said instrument is such corporate seal;
    and that it was so affixed by order of the Board of Directors of the said corporation, and that he
    or she signed his or her name thereto by like order.

    __________________________
    NOTARY PUBLIC

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