Section 3. Mode of Payments. All contributions of the Producer shall be made payable to the Fund by transmitting to the Trustees a check payable to the Fund and shall be payable weekly or monthly at the initial election of each Producer as follows:

1. For the Producer who elects to pay on a weekly basis, the contribution will be due 10 days after the close of the week in which the Writer is paid. An additional 30 day grace period will be given before the payment is delinquent. If the payment is not made within this period, interest on the delinquent payment will be charged from the end of the week in which the Writer is paid;
   
2. For the Producer who elects to pay on a monthly basis, the contribution will be due 10 days after the close of the month in which the Writer is paid. An additional 10-day grace period will be given before the payment is deemed as delinquent. If the payment is not made within this period, interest on the delinquent payment will be charged from the end of the month in which the Writer is paid; and
   
3. If no election is made, the Producer shall be deemed to have elected the weekly basis.
   
4. The original election may be changed only by approval of the Trustees.