My employment contract states that I'll have a guaranteed base salary and the opportunity to earn a monthly bonus based on my hitting certain metrics. Nothing out of the ordinary there.

Just had a meeting with the company president yesterday and they stated that everyone in my position will not be receiving bonuses for the time being due to financial concerns. I've spoken with colleagues who have confirmed that their contracts also contain language codifying the bonus and that it appears the company is breaching the language of our contracts by eliminating (even temporarily) the bonus structure.

My question is, how would you all suggest I address this? Better to send an email bringing this up and asking for a response from the president right away? Time to lawyer up? Do I wait until they've actually acted in breach (next month when bonuses are not paid out) and then contact the labor board or something? The company has generally been good to us so I don't necessarily want to go nuclear right off the bat, just hoping someone with some experience with employment contract issues like this can offer some thoughts. Thanks!