Union Wage & Welfare
Union Wage & Welfare InformationThe union bond is another name for a wage and welfare bond, and is considered a financial guarantee commercial surety bond. The bond ensures an employer's contribution to welfare funds, including payment of wages. It is required by unions whenever an employer has hired employees whom а union represents. The union bond protects employees in the way that if their employer should fail to comply with their obligations as stated in the bond, a claim against the bond can be filed. This bond is considered a risk, due to the nature of a financial guarantee, and therefore commands higher rates than the average bond. Typically, if you have poor credit, or are new and have no credit, you’ll have a difficult time obtaining this bond. But through our bad credit program, you can still get bonded under certain circumstances.
Listed below are the 3 absolutes in surety.
- Most be a US Citizen
- Cannot be in current bankruptcy
- Cannot be behind in child support
Three party agreement
Surety Bond Definition: The definition of a surety bond is as follows: A surety bond is a binding agreement between three parties. This agreement sets forth a financial guarantee by one party ( “surety” ) to another party ( “obligee” ) that a third party ( “principal” ) will fulfill required obligations to the obligee, and that state, federal, and local laws and applicable regulations will be adhered to. Let’s examine each of the three parties.Learn more about surety bonds
Bad Credit – Fast Approvals – Lowest Rates Available.
- Credit below 650 and/or have blemishes on credit report.
- Average cost is 5-15% of the bond amount.
- Available for all commercial bonds.
Why does credit matter? Applying for a surety bond is similar to applying for a loan. You are asking a surety company to back you financially. Reviewing credit is the best method for the surety to understand their risk. All sureties review credit as a view only and should have no effect on your credit score. While it is true that bad credit makes it harder to obtain a competitive quote, we are committed to making sure all of our customers have access to the best possible rates. While we can’t guarantee that we can provide a bond for the most extreme bad credit situations, we strive to make sure no stone is unturned! In other words, if you are insurable, we will get it written. Contact us today and let us put together an online quote for you that will exceed your expectations.