District Council of Iron Workers Wage and Welfare Bond
Learn the importance of this bond and how to easily get one!
What is a District Council of Iron Workers Wage and Welfare Bond?
This bond is a protective tool that is part of the collective bargaining agreement between the employer and the District Council of Iron Workers of the State of California and Vicinity.
The bond will ensure that the employer will honor the work agreement stated in the Agreement Iron Worker Employers State of California and a Portion of Nevada and District Council of Iron Workers of the State of California and Vicinity. This includes making contributions to the following:
- The California Field Ironworkers Vacation Trust Fund
- The California Ironworkers Field Welfare Plan
- The California Ironworkers Field Pension Trust
- The California Field Ironworkers Apprenticeship Training and Journeyman Retraining Fund
- The California Field Ironworkers Administrative Trust
- The California Field Ironworkers Annuity Trust Fund
- The California Field Ironworkers Labor Management Cooperative Trust Fund
- The California Field Ironworkers Workers’ Compensation Trust Fund
- Ironworker Management Progressive Action Cooperative Trust (IMPACT)
Payment of wages – including travel pay, subsistence pay, and mileage pay – will also be included in this bond.
How does a District Council of Iron Workers Wage and Welfare Bond work?
This bond will serve as a guarantee made by the principal and surety to the obligee regarding the principal’s fulfillment of duties.
The principal will be the employer, the obligee is the District Council of Iron Workers, and the surety will be the surety bond provider.
If the principal violates the agreement, the obligee can file a claim against the bond in order to receive the necessary compensation for the amount lost.
How much is a District Council of Iron Workers Wage and Welfare Bond?
The bond amount is $25,000.
When obtaining this bond, the employer doesn’t need to pay the entire bond amount; only a small percentage of it.
If the principal has an excellent credit score, he or she will only pay as little as 1.5% to 2% of the bond amount as bond cost or bond premium.
Know more by calling us, or GET YOUR FREE SURETY BOND QUOTE HERE!
How can I get a District Council of Iron Workers Wage and Welfare Bond?
Here’s an easy step-by-step guide on how to get this surety bond:
Submit a surety bond application to us! Once we’ve received your application, we’ll inform you about the important information or documents that you must submit in order to move forward to the next step of the bonding process, which is underwriting.
During the underwriting process, our expert underwriter will assess the following:
- Your financial capability
- Your business or job performance history
- Your credit score
It’s important to provide us with a clear and organized information to prevent any delays. Our expert underwriter will check everything that you have submitted, and once that’s finished, we’ll immediately send the bond to you!
Ready to apply? START HERE!