The Chicago Regional Council of Carpenters requires union carpentry employers to procure a Illinois Union Bond – Chicago Regional Council of Carpenters under Article XV of the Collective Bargaining Agreement. The amount of the bond is determined by the number of employees:
- One to Five Employees $10,000
- Six to Ten Employees $15,000
- Eleven to Fifteen Employees $25,000
- Fifteen Employees or More $50,000
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Illinois Union Bond – Chicago Regional Council of Carpenters holds you accountable for your business decisions.
By possessing a Illinois Union Bond – Chicago Regional Council of Carpenters, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.