Tennessee Local Union #429 International Brotherhood of Electrical Workers Bond Guide
In Tennessee, you may need to file a surety bond if you employ members of the Local Union #429 International Brotherhood of Electrical Workers.
This creates a financial guarantee that you will pay owed wages and benefits, contribute to welfare funds, and more.
Quick Bond Facts
- Purpose: To protect union member interests in collective bargaining agreements with employers
- Who Requires It: The Local Union #429 International Brotherhood of Electrical Workers
- Who Needs It: Employers of Local Union #429 members
- Coverage Amount: $10,000–$100,000
- Premium Rates: Vary based on financial risk, typically 1–10%
Use this guide to learn all about the bonding process, then apply for your free quote.
What Are Tennessee Local Union #429 International Brotherhood of Electrical Workers Bonds?
The Local Union #429 International Brotherhood of Electrical Workers bonds are required for Tennessee employers when negotiating collective bargaining agreements (CBAs) with the union.
This type of surety bond guarantees a union-member employer will honor financial obligations and union contracts, such as:
- Payment of union dues
- Contributions to funds
- Delivery of benefits packages
How Much Do Local Union #429 International Brotherhood of Electrical Workers Bonds Cost in Tennessee?
The required coverage amount ranges from $1,000 to $100,000 based on financial liability. Your exact premium cost will depend on the coverage and your credit score. Rates are typically 1–10% of the bond amount.
Apply for a free quote today.
SuretyBonds.com offers the lowest rates available from our nationwide network of surety providers with no added fees.
How Does a Tennessee Local Union #429 Bond Work?
A Tennessee Local Union #429 International Brotherhood of Electrical Workers bond binds three parties in a legal contract:
- Principal: The company employing electrical union members
- Obligee: The Local Union #429 International Brotherhood of Electrical Workers requiring the bond
- Surety: The provider issuing the bond and backing the principal’s obligation
If a principal fails to uphold its obligations, the bond can be used to pay claims for owed dues, wages, and fringe benefits up to the full coverage amount.
How Do I Get a Wage Bond in Tennessee?
SuretyBonds.com provides the fastest and easiest way to get a wage and welfare bond in Tennessee. Just follow these steps:
- Application: Submit an online quote request.
- Quote: Receive your free quote within one business day.
- Signatures: Sign your indemnity agreement and bond form.
- Delivery: Receive your official bond form via FedEx.
Upon receipt, file the bond documentation with the obligee as instructed.
Can I Get Bonded With Bad Credit?
Yes, you can often still get a wage bond even with low credit. We’ll work with our network of surety markets across the nation to match you with a surety provider at the lowest available rate.
Learn more about how credit score impacts bond premium rates here.
How to Renew Your Tennessee Wage and Welfare Bond
The Local Union #429 International Brotherhood of Electrical Workers bonds in Tennessee last for a one-year term. We’ll contact you during the renewal period with an invoice and instructions on how to keep your bond policy active for another term.
