Tradeshow and Sign Crafts Local 831 Wage and Welfare
For business owners to activate their business license, they must file a Wage and Welfare Bond with the Tradeshow and Sign Crafts Local Union 831 in the State of California. This is considered a type of financial guarantee that the Principal (business) pays union dues for services by its members, honors payments, and provides compensations to employees.
What is the Local 831 Union?
The non-profit organization Local 831 Union of Southern California regulates and refine standards of the Tradeshow and Sign Crafts industry activities such as Tradeshow Decorating, Exhibit Building, Sign Production, and Installing & Printing.
They aid in the provision of benefits to workers in the Tradeshow and Sign Crafts industry, including better wages, health and pension benefits, and skills training.
What is the Tradeshow and Sign Crafts Local 831 Wage and Welfare Bond?
The Wage and Welfare Bond protects members of the union in case a company fails to meet standards. The surety bond assures that the Principal (company or business owner) pays union dues and provide appropriate compensation.
Features, dues, and benefits covered by the bond have differences for each union. For Tradeshow and Sign Crafts, you can find more information on the Local Union 831 website.
How does it work?
The bond must be issued by a surety bond provider certified by the Tradeshow and Sign Crafts Local 831. The parties in the agreement are the Principal (business or permit applicant), Obligee (Tradeshow and Sign Crafts Local 831), and Surety/Bond Company or Obligor (surety bond provider or insurance).
The Obligor will guarantee the compensation (performance bond) of the Obligee should the Principal fail to meet their payments (union dues) or violate other licensing provisions. In such cases, the union can file a claim to collect their dues. The Surety Company will assess the validity of claims, where claims may only amount to the total penal sum agreed upon in the bond form. The Principal shall reimburse all expenses covered by the Surety Company.
The Bond Company is secured through an indemnity agreement as the licensed business is mandated by law for the full reimbursement of the claims, including legal fees and premiums. This agreement shall be made before the execution of the bond and shall ascertain the businesses responsibility over their dealings.
How much does it cost?
Depending on the applicant or business owner’s experience, credit score, and license history, the Tradeshow and Sign Crafts Local 831 Wage and Welfare Bond may cost between $500 and $1,875 while the bond itself costs $25,000.
To get a quotation of your bond, visit here and get your surety bond today!
How can I apply for this bond?
At Surety Bond Authority, we are dedicated to help you get your bond the fast and easy way. Here is a step-by-step guide to help you get started.
To secure your wage and welfare bond, you are going to have to secure your application as early as possible. If you are ready to get yours processed today, you can APPLY HERE. Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond.
In the assessment phase, our underwriter will need the following information:
- Nature of your profession or business
- Credit score
- Financial strength
For the speedy processing of your application, ensure you have gathered and provided accurate information upon submission.
Once the assessment is done, we will promptly issue your bond and send it your way. Contact us today and get your bond issued in no time!