IBEW Local Union #332 Wage and Welfare Bond
Know the what, how, and why of this surety bond!
What is an IBEW Local Union #332 Wage and Welfare Bond?
It is a requirement stated in the collective bargaining agreement between the employer named in this bond and the International Brotherhood of Electrical Workers Local 332.
In the said agreement, the employer will pay the benefits covered by the bond such as the following:
- Wages
- Employee benefits
- Dues check-off
- Industry promotion fund benefits to the employees and all of the trusts established under the terms of the collective bargaining agreement
In addition, the bond will also cover due or levied liquidated damages assessments; audit fees and charges; attorney’s fees; the cost of collection; court costs; and other reasonable charges ordered by the trust fund.
How does an IBEW Local Union #332 Wage and Welfare Bond work?
An IBEW Local Union #332 Wage and Welfare Bond is a financial guarantee made by the employer (Principal of the bond) to the IBEW Local Union #332 (Obligee of the bond). The Surety will extend its credit to the Principal when making such a promise. Together, the Principal and the Surety will be held accountable if the Principal fails to make the necessary payments to the Obligee.
If the Principal defaults on his or her obligation, the Obligee will send a notice of the default to the Principal and the Surety. Once the notice has been received and satisfactory proof has been provided to the Surety, the Surety will pay the amount that the Principal defaulted on. The Principal will then reimburse the Surety for the payments made by the latter to the Obligee.
How much does an IBEW Local Union #332 Wage and Welfare Bond cost?
The bond cost is the amount that the employer will pay the Surety. The bond cost will range from 1.5% to 8% of the bond amount.
The bond amount will depend on several factors as well such as, but not limited to, the number of employees and the amount of contributions required.
Get your FREE SURETY BOND QUOTE HERE once you have determined your bond amount!
How can I get an IBEW Local Union #332 Wage and Welfare Bond?
You can easily get this surety bond from us! We’ll guide you through the entire process.
- Apply for this bond. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three in order to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- You will be asked to sign an indemnity agreement. Once done, a surety bond will be issued and sent to you!
Get this bond ASAP! APPLY HERE!
