Union Wage & Welfare Bond Information
The union bond is another name for Wage Welfare bonds, 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 wage and welfare 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 the wage and welfare bond. But through our bad credit program, you can still get bonded under certain circumstances.Listed below are the 3 absolutes in surety.
- Must be a US Citizen
- Cannot be in current bankruptcy
- Cannot be behind in child support