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Illinois bonds

Illinois — IBEW Local No. 309 Wage And Fringe Benefits Bond

Prepare Local 309 employer wage and fringe security with the legal business name and agreement in the request. Purchase Now starts the application for this Illinois offering.

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Recorded state
Illinois
Bond type
Wage & Fringe Benefits Bond
Category
Employment, wages & benefits

What this bond does

The requested instrument establishes the employer wages and fringe contributions secured for the Local 309 undertaking.

Who needs it
The employing business responsible for the agreement payments, rather than an individual electrical worker.
Who it protects
Name the union, funds or trustees as the form requires. The employer principal and the protected payment recipients are separate parties.

Your bond option

This is the option on record for this bond.

The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Use the employing entity, not just a job or trading name

Match the legal employer on the agreement, reporting account and security demand. A trade name or project contractor reference should not obscure which entity owes the secured wages and contributions.

Electrical licensing and construction payment bonds concern different undertakings. Employee insurance and ERISA fidelity protection against dishonest handling of plan assets also do not establish this employer wage/fringe security.

Sources

Have these ready

  1. Employer legal identity and Local 309 agreement.
  2. The current union or fund security request.
  3. Wage schedule and contribution reporting details.
  4. Exact recipients, required form, sum and dates.
  5. Instructions for execution and delivery after issuance.

Questions about this bond

Can I use only the business's trade name?

Match the legal employing entity and any required trade-name wording to the agreement and form. The recipient needs security for the entity that owes the payments.

Does applying make the fund account current?

The employer must still make required remittances and reports. A security application does not pay or reconcile an account.

What sum and term should I use?

Use the current employer demand. Neither is stated here, so do not copy another Illinois local's entries.

How do I proceed?

Purchase Now opens Propeller in a new tab. Apply with the employer and request details. After issuance, review the instrument and complete required execution and recipient delivery. Applying is not acceptance.

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