Sheet Metal Workers 73 wage & welfare bonds.
From $100.
Sheet Metal Workers Local 73, the SMART-affiliated local for the Chicago area, requires signatory contractors to post a wage and welfare bond guaranteeing union-scale wages and contributions to the local's Welfare Fund. Your signatory agreement sets the amount. Premiums cost 4% of the bond amount, $100 minimum.
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How much does a Sheet Metal Workers 73 wage & welfare bond cost?
4% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
No long underwriting queue for the standard wage and welfare bond — enter your amount, consent to a soft pull, and file with the fund. Here is the whole thing:
Apply online
Your business details, the bond amount your Local 73 agreement requires, and the effective date — plus a one-time consent to a soft credit pull.
Approved
Most wage and welfare bonds clear quickly. The application includes a credit consent, but it authorizes a soft pull only — a soft inquiry that never affects your score. Larger amounts may get a brief review.
File with the fund
Your executed bond and power of attorney arrive by email, ready to file with the Sheet Metal Workers Local 73 Welfare Fund office so your signatory status stays current. Wet-ink originals mailed on request.
What it is and who needs it.
What the wage & welfare bond actually guarantees
Sheet Metal Workers Local 73 is the Chicago-area affiliate of SMART (the International Association of Sheet Metal, Air, Rail and Transportation Workers), representing sheet metal fabricators and HVAC installers, with its benefit funds office in Hillside, Illinois. Contractors who sign the local's collective bargaining agreement agree to pay union-scale wages and to remit contributions to Local 73's Welfare Fund.
The wage and welfare bond backs those obligations. It is a three-party arrangement: you (the principal), the surety carrier, and Local 73's Welfare Fund (the obligee / protected party). If a signatory contractor fails to pay covered wages or remit fund contributions, the fund can recover against the bond.
It is not insurance for you — if the surety pays a claim, you repay the surety. This is a private contractual requirement of the collective bargaining agreement, not an Illinois statute, so the amount is set per contractor by the fund's office rather than a fixed public figure. Enter the amount your signatory agreement calls for; premiums price at 4% of that amount, $100 minimum, and the application includes a credit consent that authorizes a soft pull only.
You need this bond if you are
Claims, renewal, filing, and what sets the price.
If a claim is made
A claim comes from the party the bond protects, the obligee named on the form, when the duty the bond guarantees is not met.
The surety investigates and pays a valid claim, up to the bond amount. You then repay the surety: a surety bond is a guarantee of your performance, not insurance for you.
Renewal and term
The premium covers a one-year term from the effective date you choose.
Renew before the expiry date to keep the bond in force: the license, permit or contract it backs expects continuous coverage.
How to file it
File with the fund. Your executed bond and power of attorney arrive by email, ready to file with the Sheet Metal Workers Local 73 Welfare Fund office so your signatory status stays current. Wet-ink originals mailed on request.
What sets the price
The premium is 4% of the bond amount, $100 minimum: the amount the obligee sets moves the price, not your business profile.
One soft credit pull, never a hard inquiry, and it never affects your score.
Where a check runs, it decides approval; the rate is the same for everyone approved.
One application, then a quick review.
Submit the application with the bond amount your Local 73 agreement requires. Most clear quickly; larger amounts may get a brief underwriter review, usually within 48 hours.
Start the application →Common questions.
Other Illinois bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Local 73 signatory status waiting on one bond.
Premiums from $100, priced at 4% of the bond amount. Enter your required figure and file with the fund the same day.