IUEC wage & fringe benefit bonds.
From $100.
A contractor signatory to an International Union of Elevator Constructors (IUEC) local agreement posts this bond so wages withheld and fringe benefit contributions reach the local’s trust funds. It is a collective bargaining obligation, not a Maryland licensing requirement. Premiums cost 4% of the bond amount, $100 minimum.
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How much does an IUEC wage & fringe benefit bond cost?
4% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
A letter of assent usually comes with a start date attached, and the fund office wants the bond in hand before the first monthly report. This one is built to move:
Apply online
Your company details, the state where the covered work is performed, the bond amount the fund office named, an effective date, and the credit consent that authorizes a soft pull. That is the application.
Issued
Most applications approve instantly. The credit consent authorizes a soft inquiry that never affects your score, and no hard inquiry ever runs on this bond.
Send it to the fund office
Your executed bond and power of attorney arrive by email, ready to send to the IUEC local’s fund office that administers the plans and collects the monthly reports. Wet-ink original mailed on request.
What it is and who needs it.
What the IUEC wage and fringe benefit bond actually guarantees
When an elevator contractor signs a letter of assent to an IUEC local agreement, it takes on negotiated payroll deductions and employer contributions on top of wages — typically covering health and welfare, pension, and apprenticeship/training funds. This wage-and-fringe-benefit bond secures the contractor’s obligation to actually remit what it withholds and owes each reporting period.
The IUEC’s national headquarters is in Columbia, Maryland, and several IUEC-affiliated locals and benefit funds — including Local 7 — administer from the state, which is why this filing sits in Maryland’s catalog even though covered work can occur in any IUEC local’s jurisdiction; the application asks you to name the state where the covered work is performed.
This is a private, contractual bond, not a Maryland licensing requirement — no Maryland agency issues it or receives it. The bond amount is set by your IUEC local’s fund office rather than by statute, so confirm the exact obligee wording and figure with that office before the bond is issued. We price it from a $100 minimum, and the application includes only a soft credit consent — never a hard inquiry.
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
Issued. Most applications approve instantly. The credit consent authorizes a soft inquiry that never affects your score, and no hard inquiry ever runs on this bond.
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, priced on the spot.
These are the actual issuing fields, including the state where the covered work is performed. The credit consent authorizes a soft pull only — a soft inquiry that never affects your score.
Start the application →Common questions.
Other Maryland bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Signatory status waiting on one bond.
4% of the bond amount, $100 minimum. Enter the sum the fund office named and send it to your IUEC local’s fund office the same day. Free until issued.