Stabilization Fund Agreement

The Union and the CLRA shall establish a Jointly Managed Stabilization Fund for the mandatory purpose of subsidizing Employers (who are members of the CLRA and signatory to this Agreement) in the Province of Newfoundland and Labrador on cost sensitive projects in the Jurisdiction of the Ironworkers Union, Local 764 for the purpose of carrying out all terms and conditions associated with the sole administration and operation of the Fund, the CLRA and the Union shall appoint four (4) trustees, two (2) trustees each shall be appointed by the Union and the CLRA. The lronworkers Local 764/ CLRA Rate Stabilization Fund shall be governed by the Terms and Conditions of the Agreement and Declaration of Trust, the Job Targeting Memorandum of Understanding pertaining to the same, and this Ironworkers Local 764 / CLRA Provincial Collective Agreement. Upon Signing of this Agreement the Employer shall remit One dollar ($1.00) per hour worked on all Industrial and Commercial work to the Fund which shall be remitted to the a Administrator no later than the 15th day of the month following the month worked. ZS C7 jin