IBEW Local No. 972 - Wage and Fringe Benefits — required surety bond in Ohio. Apply online in minutes.
This bond is a financial guarantee between an electrical contractor, the IBEW Local No. 972, and a surety company. It ensures that the contractor will pay all required wages and remit fringe benefit contributions for union members in accordance with their collective bargaining agreement. If the contractor defaults on these obligations, the bond provides funds to cover the owed compensation and benefits.
Electrical contractors employing union workers from the International Brotherhood of Electrical Workers (IBEW) Local No. 972 in Ohio typically need this bond. It is required for signatory employers who have entered into a collective bargaining agreement with this specific local union.
The union requires this bond to protect its members' livelihoods and the financial stability of its benefit funds. It acts as a safety net, ensuring that workers receive their rightfully earned pay and that health and retirement funds are not underfunded due to a contractor's failure to remit payments.
Click the Apply Now button to complete our secure, approximately 5-minute online application. Our team at Noah Insurance Agency will process your request and provide a customized quote. Once approved and payment is processed, your bond will be delivered directly to you by email.
Premiums vary based on the required bond amount, the applicant's credit history, and business financials. To get an exact figure, please apply online or call Noah Insurance Agency at 814-718-0060.
Bond amounts are determined directly by the union and usually depend on your estimated payroll and benefit contributions. You must verify your specific bond amount requirement with IBEW Local No. 972 before submitting your application.
No, this bond strictly guarantees union wages and fringe benefits. It is entirely separate from any state or local licensing, performance, or payment bonds you may need to operate legally as a contractor in Ohio.
Approval times vary depending on the complexity of the underwriting process for your specific business. Completing our secure online application is the fastest way to get your quote and have your bond issued.
Send us a note or call 814-718-0060 — a licensed agent will confirm the bond amount and requirements for you.
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