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Army Veteran Owned | Expert Surety Bonds Since 2004
Have a question? +1 815-826-6324 (815-8-BondAI) phil@AmericasSuretyBonds.com
Army Veteran Owned | Expert Surety Bonds Since 2004
One bond, two promises: your crew's wages and the fringe benefit contributions that ride on top of them. Posting it with Board No. 63, Inc. gives the obligee a surety to call on if either goes unpaid, without you setting aside cash to cover it.
The Wage and Fringe Benefit bond guarantees that a Virginia employer pays both the wages and the fringe benefit contributions it owes under its agreement with Board No. 63, Inc., the named obligee. It is not a Virginia license bond and is not filed with DPOR. Board No. 63, Inc. sets the amount and form, so get both from it before the bond is issued.
We can help with all Virginia bonds!
Some union bonds cover only wages, and some cover only benefit contributions. This one names both. If the employer misses paychecks or falls behind on fringe contributions owed under its agreement, Board No. 63, Inc. can claim against the bond up to its face amount.
The obligee is Board No. 63, Inc. It is not the Department of Professional and Occupational Regulation or any other Virginia licensing office, and the bond does not go into a state filing. The obligee decides the required amount, the exact wording of its name on the bond, and whether it uses its own form.
Where the fringe contributions go to a multiemployer benefit plan, 29 U.S.C. 1145 requires every employer obligated under a collectively bargained agreement to pay on the plan's terms. If plan fiduciaries sue and win, 29 U.S.C. 1132(g)(2) requires the court to award the unpaid contributions, interest, the greater of additional interest or the plan's liquidated damages (up to 20 percent unless federal or state law permits more), and reasonable attorney's fees and costs. The bond pays up to its limit. The employer owes the balance and repays the surety for any claim it pays.
Contact Board No. 63, Inc. before the bond is written and ask three things: the current bond amount, the exact obligee name to print on the bond, and whether it requires its own bond form. Then have the bond issued in the employer's legal name exactly as it appears on the agreement.
Both. It guarantees the wages and the fringe benefit contributions the employer owes under its agreement with Board No. 63, Inc.
No. The obligee is Board No. 63, Inc. The original bond goes to it, not to a Virginia licensing office.
Board No. 63, Inc. sets the amount. Ask it for the current figure before the bond is issued so the bond matches what it will accept.
Not necessarily. The surety pays up to the bond limit and then looks to the employer for repayment. On the fringe side, 29 U.S.C. 1132(g)(2) also adds interest, liquidated damages or extra interest, and attorney's fees and costs when a plan wins a collection suit.
The bond amount, the owners' credit, and the employer's financial condition and payment record. You see a quote once the application is in.
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