To ensure that union employing contractors pay appropriate union payments, the Local Union 312 in Lexington, North Carolina requires contractors to carry a $20,000 Wage and Welfare Bond. The union payments fund a benefit package that provides union members with healthcare, welfare, pension, and apprenticeship training; and the bond offered by Jet Insurance Company guarantees that will occur with the union, should the employer fail to do so.
Jet cuts out the middleman which simplifies the bond process and reduces the cost for you so you can get back to what's important - your work.
The Wage and Welfare Bond can cost as low as $400. The price ranges due to factors such as credit score, number of employees, and size of the payroll obligations.
With Jet you get the benefit of working directly with the surety carrier. Any time this union bonding requirement comes up, Jet will get you that bond without unnecessary middleman delays or fees.
With Jet the process can be done entirely online. You can get a quote instantly online after providing only a few basic pieces of business information, as well as, the projected number of employees that will be hired and estimated payroll obligation.
You can purchase the bond immediately once you have the quote, and have access to an electronic copy of the bond and receipt.
Put that postage stamp down! Jet will mail the original copy of the bond on your behalf after the purchase is completed. A copy of the bond and receipt will be made available to you online.
If you would like to file the bond yourself, just let us know and we will send the original bond to you. The bond will need to be filed to the following address:
Carpenters Local Union
541 Tom Everhart Rd
Lexington, NC 27292
Of course! Just let us know that you would like to cancel the bond and we will begin the process. The bond has a 30-day cancellation provision meaning the cancellation will take effect 30 days after notice is sent to Local Union 312. Just be sure you are no longer needing the bond.
The Wage and Welfare Bond is generally not renewed. Unless you are continuing work within Local Union 312’s Lexington jurisdiction over a year, there is no need to continue the bond.
If you would like to renew the bond, we make it even easier than our basic application process. For those who paid in full, we only need payment of the annual premium to renew.
The bond offered by Jet is required to ensure that contractors hiring labor from Local Union 312 pay all of the dues to the Union, and if not, Jet is obligated to make payment up to the bond limit. Union members are provided various perks through benefits packages that are funded by union employing contractors. Union dues are based on a calculation that factors in the amount of hours of labor and the rate the Union requires to properly finance those benefits.
Carpenters and Joiners Local Union 312 strives to provide their members with family sustaining wages and benefits. They also offer training, education, and representation to develop members into construction professionals.
A claim on a Local Union 312 Wage and Welfare Bond just comes from nonpayment of the union fees or dues. Make sure to appropriately make all payments required by the Union and you will have no trouble with a claim on this bond, it’s that simple. It has been very rare historically for a claim to ever occur on this bond as contractors can simply account for any mistake in due payments once notified by the union, thus avoiding an issue with the bond.
Contact Jet right away if action is being taken against your bond. While claims from the Union can be very cut and dry, we will always investigate a claim in order to determine its validity. Our goal is to protect you from any unjustified claims.
Should the claim be valid, Jet is obligated to pay Local Union 312 up to the full limit of the bond. You must reimburse Jet for the claim payment. The bond is not like liability insurance, instead think of it as a letter of credit to the Local Union 312 from Jet promising that you will complete all payments to the Union. You are ultimately responsible to make those payments required by Local Union 312 in order to utilize their services.