Electrical Industry Service Bureau, Inc. (E.I.S.B., Inc.) Wage and Welfare Bond
Know the who, what, why, and how of this surety bond!
What is an Electrical Industry Service Bureau, Inc. (E.I.S.B., Inc.) Wage and Welfare Bond?
This bond is a requirement of Section 2.04 of the Northern California and Northern Nevada Sound Communication Agreement between the San Francisco Electrical Contractor’s Association, Inc., Local Union No. 6, and the International Brotherhood of Electrical Workers.
This bond will guarantee the compliance of the contractor to the aforementioned collective bargaining agreement. As part of the agreement, the contractor will make the necessary contributions to the following fringe benefits:
- Health and Welfare
- Apprenticeship Training
- Industry payments
The fringe benefit contribution amount will include audit fees and charges; costs of collection; attorney’s fees; and all other necessary charges.
How does an Electrical Industry Service Bureau, Inc. (E.I.S.B., Inc.) Wage and Welfare Bond work?
A surety bond is a risk-transfer mechanism that involves three parties: Principal, Obligee, and the Surety.
The Principal’s (employer) duty is to pay the contributions required by the collective bargaining agreement. The Surety’s (surety bond provider) job is to assure the Obligee (Electrical Industry Service Bureau, Inc.) that the Principal will fulfill his or her obligations.
The burden of risk shifts from the Principal to the Surety. If the Principal fails to pay the contributions, the Surety will make sure that the Obligee will be compensated.
How much does an Electrical Industry Service Bureau, Inc. (E.I.S.B., Inc.) Wage and Welfare Bond cost?
This will be a case-by-case basis. The bond cost is dependent on the bond amount. The bond amount will be determined by the fringe benefit contribution amount including audit fees and charges; costs of collection; attorney’s fees; and all other charges.
The principal doesn’t need to pay the entire bond amount. He or she will only need to pay a percentage of the bond amount as bond premium or bond cost.
If you have an excellent credit score, you will be eligible to pay for a low bond premium, or just 2% of the bond amount!
Want to get a tailored quote ASAP? Get your FREE SURETY BOND QUOTE HERE!
How can I get an Electrical Industry Service Bureau, Inc. (E.I.S.B., Inc.) Wage and Welfare Bond?
In order to secure this type of bond, the employer must seek the assistance of a surety bond company.
If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Ready to start on your bond? APPLY HERE!