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Maryland Guaranteed Payment Bond

How much does a guaranteed payment bond cost in Maryland?

Guaranteed payment bonds in Maryland are required by the Local 26 IBEW-NECA Joint Trust Funds in Lanham, Maryland. Members of the National Electrical Contractors Association and the International Brotherhood of Electrical Workers Local Union NO. 26 who submit payments to the following trust funds must post a surety bond:

Required bond amounts are determined by the Plan Fund Office of the Local 26 IBEW-NECA Joint Trust Funds, and applicants should verify their required bond amount prior to bonding.

This bond is subject to underwriting, so applicants must go through a credit check to determine the premium for this bond. Because the required amount and, therefore, the price of these bonds vary so much, our experts recommend submitting an online bond request to receive your free, no-obligation surety bond quote!

Bond Type Bond Amount Cost*
Varies Guaranteed Payment Bond Varies Starts at 3% Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Our experts can get you bonded quickly, easily and accurately! Call 1 (800) 308-4358 or click here to get started.

Why do I need this bond?

By posting a Maryland guaranteed payment bond, the principal promises to pay and furnish reports of contributions paid to the Local 26 IBEW-NECA Joint Trust Funds. Contributions to each joint fund must be promptly paid from the acceptance period until the date of expiration. Furthermore, each report must be properly and completely filed.

Specifically, this bond offers indemnity to the Local 26 IBEW-NECA Joint Trust Funds if due payments are not received from the principal. The surety will initially cover all damages up to the full bond amount, and the principal must reimburse the surety for any damages paid out.

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What’s the fine print?

Guaranteed payment bonds in Maryland remain in full force unless canceled by the surety. If the surety decides to cancel a bond, it must mail a written cancellation notice to the principal and to the Local 26 IBEW-NECA Joint Trust Funds 90 days prior to the deemed cancellation date.

What are the licensing requirements?

For information on what is needed to work in conjunction with these unions, applicants should contact The Trust Funds Office.

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Additional Resources

Local 26 IBEW-NECA Joint Trust Funds

International Brotherhood of Electrical Workers Local 26 Union Craftsmanship

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