Oregon SW Washington Trust Funds IBEW Local Union 48 Wage and Welfare Bond
The International Brotherhood of Electrical Workers Local Union #48 in SW, Oregon serves as the union for professionals in the electrical field in the area. The union serves as a guarantee that its members will be waged properly along with a welfare surety bond.
What is the Oregon SW Washington Trust Funds IBEW Local Union 48 Wage and Welfare Bond?
The bond will serve as a financial guarantee that the business will duly insure waging responsibilities, including compensation packages, union fees of its union member employees, and other mandatory benefits. The bond also serves as a prerequisite before companies can hire members of a union, and will normally entail a collective bargain process prior the commencement of work.
Further information about Oregon’s rules and laws about minimum wages and employee welfare can be accessed through the state’s Bureau of Labor and Industries’ guidelines.
Why do you need the Oregon SW Washington Trust Funds IBEW Local Union 48 Wage and Welfare Bond?
The bond ensures that all professionals in the electrical field living in Oregon SW will be waged properly. In addition, the applicant is guaranteed the good reputation of your company; financial security and credential boost; available full line of credit; confidentiality of your transactions - unless required by law; and, access to professional advice or counseling from lawyers, estimators, and similar professionals.
How does the Oregon SW Washington Trust Funds IBEW Local Union 48 Wage and Welfare Bond work?
The parties in the agreement are the Principal (business), Obligee (Oregon SW Washington Trust Funds IBEW Local Union 48), and Surety Company or Obligor (surety bond carrier). The bond must be filed with the Oregon SW Washington Trust Funds IBEW Local Union 48 and must be issued by a surety bond provider certified by Oregon’s Insurance Department.
The Surety Company will guarantee the compensation of the Obligee in case the Principal fails to deliver agreed upon services or violate any licensing provisions. The Surety Company will receive and assess the validity of all public claims where claims may only amount to the total penal sum arranged in the bond form. The Principal shall reimburse all expenses covered by the Bond Company.
How much does it cost?
The bond is typically priced between 2.0% and 7.50% of the total bond amount, with the latter being the worst. The cost of it will depend on the following:
- Applicant’s credit score
- Industry experience
- Business history
- Surety provider’s background.
How can I secure the bond?
Transact with a reputable surety company today and secure your Oregon SW Washington Trust Funds IBEW Local Union 48 Wage and Welfare Bond the fast and easy way. Get in touch with us today to get your surety bond related questions answered and to secure proper licensing in no time.
Make sure you have gathered and provided accurate information on the following for the speedy processing of your application:
- Nature of your business
- Credit Score
- Financial strength
Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond. Once the assessment is done, we will promptly issue your bond and send it your way!