IBEW Local Union No. 569 Wage and Welfare Bond
Provide security and stability to your employees and business through this surety bond!
What is an IBEW Local Union No. 569 Wage and Welfare Bond?
It’s a surety bond required by the International Brotherhood of Electrical Workers Local 569 to guarantee the full payment of wages and benefits stated in the collective bargaining agreement.
The employer who contracts with IBEW Local Union No. 569 (San Diego, California and Imperial counties) for services by its members will be the person named in this bond.
How does an IBEW Local Union No. 569 Wage and Welfare Bond work?
This bond is a three-party legal contract among the following:
- Principal – employer who will enter into the IBEW Local Union No. 569 collective bargaining agreement
- Obligee – IBEW Local Union No. 569
- Surety – surety bond provider
The principal’s primary responsibility is to perform the obligations required by the collective bargaining agreement. For security purposes, the obligee will require a financial guarantor in case the principal defaults on the said obligations.
The surety will be the said guarantor. The surety will provide a monetary guarantee to the obligee in case the principal fails to pay the contributions stated in the collective bargaining agreement. In the event of nonpayment, the obligee can recover the losses by filing a claim against the bond.
The claim will not be settled immediately. The surety will still have to investigate if the principal has violated the collective bargaining agreement and the conditions of this bond. If the claim is valid, the surety will pay the obligee the amount that the principal failed to pay.
How much does an IBEW Local Union No. 569 Wage and Welfare Bond cost?
The bond cost or bond premium will start at 2% of the bond amount for those who have excellent credit scores. The bond premium will be higher for those that have less than excellent credit scores.
The bond amount is $10,000.
If you have excellent credit score, you may be eligible to pay a bond premium of $200.
Check out what you need to pay by getting your FREE SURETY BOND QUOTE HERE!
How can I get an IBEW Local Union No. 569 Wage and Welfare Bond?
We’ve made the surety bond application procedure easier for you!
STEP 1: Apply for this surety bond. If you’re ready to do that now, you may APPLY HERE!
Once we’ve received your application, we will immediately start the bonding process. We will inform you about the important documents that you need to submit for the next step, which is the underwriting process.
STEP 2: An underwriter will take a thorough look at the following:
- Your financial strength
- Your business performance history
- Your credit score
STEP 3: After the underwriting process is done, you’ll be asked to sign the indemnity agreement. After that, your bond will be issued and sent to you!
Ready to apply for your surety bond? START HERE!