IBEW Local Union #234 Wage and Welfare Bond
Do you need this bond ASAP? Find out how to easily apply for one below!
What is an IBEW Local Union #234 Wage and Welfare Bond?
Employees who have entered into a Labor Agreement – known as the Inside Wireman’s Agreement – with the International Brotherhood of Electrical Workers Local 234 are required to get this bond.
The bond will be used for the recovery of all current and future wages, benefits, and contributions that were not paid to the local workers. No action will be taken on this bond as long as the employer will make the necessary contributions on the specific date stated in the Labor Agreement.
This bond should be submitted to the IBEW Union office 5 business days following the referral of the first employee.
How does an IBEW Local Union #234 Wage and Welfare Bond work?
An IBEW Local Union #234 Wage and Welfare Bond is a three-party contract that ensures the fulfillment of obligations. The party who will fulfill the obligations will be the employer. He or she will be named as the Principal of the bond. The party who is requiring the fulfillment of the obligation will be the Obligee (IBEW Local Union #234).
The third-party, Surety, will back the bond financially in case the Principal fails to make the necessary contributions as part of the Labor Agreement. When this happens, the Obligee can seek legal remedy by filing a bond claim.
If the claim is valid, the Surety will have to settle the claim which includes reimbursement of wages, benefits, and contributions. Costs of the collection; audit fees and charges; attorney’s fees; court costs; and other reasonable charges can also be recovered. The Principal will have to reimburse the Surety once the payment to the Obligee has been settled.
How much does an IBEW Local Union #234 Wage and Welfare Bond cost?
The bond cost or bond premium will range from 2% to 8% of the total bond amount. Bond costs will depend on the Principal’s credit score.
The bond amount will depend on the number of employees.
|Bond Amount||NUMBER OF EMPLOYEES|
|$7,500||Up to 5|
|$10,000||5 to 10|
|$15,000||More than 10|
Do you want to know your bond premium right now? Get your FREE SURETY BOND QUOTE RIGHT HERE!
How can I get an IBEW Local Union #234 Wage and Welfare Bond?
SEND US A BOND APPLICATION – We begin the bonding process with an application. You may send your application for this bond HERE!
UNDERWRITING – Once we have received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
To avoid any delay, make sure that your requirements are complete prior to submitting them.
ISSUANCE – As soon as the underwriter has completed the necessary in-depth check, we will immediately issue the surety bond and send it to you!
Ready to apply? START HERE!