What is a New York Benefit Contribution and Wage Payment Bond?

Understand the who, how, and why of this important surety bond!

Under the terms of the collective bargaining agreement, every employer that enters into a contract with the International Brotherhood of Electrical Workers Local 25 are required to post a surety bond by the Electrical Industry Board of Nassau and Suffolk Counties who will act as the Administrator of the collective bargaining agreement.

 

The surety bond should be in favor of the Electrical Industry Board of Nassau and Suffolk Counties for the benefit of the covered employees which includes paying any outstanding wages and other employee welfare and pension funds such as, but not limited to, the following:

  • International Brotherhood of Electrical Workers Local 25 Pension Fund
  • International Brotherhood of Electrical Workers Local 25 Health and Benefit Fund
  • International Brotherhood of Electrical Workers Local 25 Vacation/Holiday Trust Fund
  • International Brotherhood of Electrical Workers Local 25 401k Fund
  • Annuity Fund for the Electrical Industry of Long Island
  • Joint Apprenticeship and Training Committee
  • Electrical Industry Board Fund
  • National Electric Benefit Fund

 

What are the Benefit Contribution and Wage Payment Bond amounts?

RESIDENTIAL AND SERVICE AGREEMENT

Number of Personnel

1 – 4 = $20,000

5 – 10 = $35,000

11 – 25 = $75,000

 

INTERCONNECT AGREEMENT

Number of Personnel

1 – 4 = $20,000

5 – 10 = $35,000

11 – 25 = $75,000

More than 26 = $100,000

 

INSIDE CONSTRUCTION AGREEMENT, MAINTENANCE AGREEMENT, TESTING, AND MAINTENANCE AGREEMENT

Number of Personnel

1 – 4 = $35,000

5 – 10 = $75,000

11 – 25 = $125,000

26 – 50 = $200,000

More than 51 = $350,000

 

PUMP AND TANK INSTALLERS ASSOCIATION AGREEMENT (Nassau and Suffolk Counties)

All personnel = $ 2,000

 

Those who have excellent credit scores will be eligible to pay for a very low bond premium! Know what you have to pay right now! GET YOUR FREE SURETY BOND QUOTE HERE!

 

How can I get a Benefit Contribution and Wage Payment Bond?

STEP 1: Apply for the bond

You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!

 

STEP 2: Underwriting

We will ask you for a couple of important information needed for the bond. This will include your financial history, business performance history, and your credit score. An underwriter will carefully evaluate all those.

 

STEP 3: Bond execution

Once the underwriter is done with the underwriting process, we will immediately issue the bond and send it to you!

 

What are the surety bond conditions?

  • The surety bond should be issued by a surety bond company that is authorized to conduct business within the state
  • The surety bond should be made payable to the Electrical Industry Board of Nassau and Suffolk Counties
  • The Principal of the surety bond (employer) should comply with the conditions of the collective bargaining agreement
  • If the Principal violates any of the conditions, the aggrieved party will be eligible to file a claim against the surety bond

Get your surety bond immediately! APPLY NOW!