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What is a West Virginia Wage and Welfare Bond?

West Virginia Wage and Welfare Bond

West Virginia wage and welfare bonds can be known by many different names, such as union bonds, fringe benefit bonds, or wage bonds. They are a type of surety bond which provides financial guarantees to unions and employees in West Virginia. Wage and welfare bonds are required in the collective bargaining process to ensure that an employer will honor the salaries, wages, benefits packages, and fund contributions that were agreed upon.

Unions often require wage and welfare bonds as a part of the negotiating process with a company. This bond helps unions in West Virginia have the peace-of-mind of knowing that the employer will honor its compensation commitments. In the event of an employer falling short of the promises laid out in their agreement, the wage and welfare bond can be used to pay claims for lost salaries, wages, and other benefits. Each West Virginia union bond is unique, so it's important to follow the specific requirements of the union.

There are three parties involved in this surety bond:

  • The principal, or the entity that needs to be bonded, is the business that is employing union members in this case.
  • The obligee is the entity that requires the bond. This is also the party that benefits from it. In this situation, the union is the obligee.
  • The surety issues and underwrites the bond, and steps in when there's a claim made.

These three parties work together to have a union bond arrangement that is built on mutual trust and good faith.

When Do I Need a West Virginia Wage and Welfare Bond?

If you're an employer in West Virginia that plans on hiring members of a union, there's a good chance these bonds will be involved as a part of the collective bargaining process. Bond requirements are unique to the union, so the amount may vary based on the needs of the employees.

How Much Does a Union Bond Cost in West Virginia?

There are a variety of factors that go into determining the cost of a surety bond. Credit, bonding history, and potential for a claim being made are all important considerations. For those looking to rebuild their credit, our poor credit surety bond program is meant to help businesses who are recovering from financial hardship.

Wage and welfare bonds in West Virginia are seen as high risk because they involve direct financial reimbursement. The typical quoted range for this bond in WV is anywhere from 2% to 5% of the bond amount. Quotes can however, come in outside of this range, both higher and lower, depending on the credit and financial standing of the applicant/s. At Viking Bond Service, we're determined to provide our clients with the surety bond solutions they require, with the lowest premium possible. Get in touch with our West Virginia surety bond experts to your requirements taken care of.

How to Get a Wage and Welfare Bond in West Virginia

When it comes to finding a surety bond provider to furnish your wage and welfare bond, who you work with matters. Viking Bond Service, Inc is committed to providing superior surety solutions across the Virginias and beyond. Our years of experience as an industry leader combined with our local attention-to-detail means you can capitalize on the confidence that only a surety bond can provide. Viking Bond Service is happy to help businesses in West Virginia connect the dots between employees, unions, and employers, so that they can be a part of a thriving local economy. Call us at 1-888-278-7389 or complete an application online to get started today!

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