TYPE OF BOND
BOND DESCRIPTION
Instant Bond
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The Chicago Regional Council of Carpenters...
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What Are Union Wage and Welfare Bonds?
Union wage and welfare bonds are surety bonds required by labor unions to guarantee that employers will pay fringe benefits to union trust funds. These benefits include health insurance, pension contributions, vacation pay, and training funds.
Who needs a union wage and welfare bond:
- Union Contractors: Employers with union labor agreements
- Subcontractors: Working on union job sites
- Employers in Arrears: Required to post bond after missed payments
- New Union Signatory Contractors: May be required as condition of agreement