New Jersey IBEW Local 102 wage & benefit bonds.
From $100.
IBEW Local Union No. 102 requires a signatory electrical contractor to post a wage-and-benefit bond under its collective bargaining agreement, backing the wages and benefit-fund contributions owed for Local 102 members. The local sets the amount your contract requires. Premiums cost 4% of the bond amount, $100 minimum.
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How much does a New Jersey IBEW Local 102 wage & benefit bond cost?
4% of the bond amount, from $100. Enter your amount in the calculator for the exact price.
Three steps. One sitting.
Enter your amount, consent to a soft pull, and file the executed bond with the local. Here is the whole thing:
Apply online
Your company details, the bond amount Local 102 set, and the effective date — plus a one-time credit consent that authorizes a soft pull only.
Approved
Most Local 102 wage-and-benefit bonds clear at application; pricing is 4% of the bond amount, $100 minimum. The credit consent authorizes a soft pull that never touches your score. Larger amounts may get a brief review.
File with the union
Your executed bond and power of attorney arrive by email, ready to file with the local's benefit-fund office. Wet-ink originals mailed on request.
What it is and who needs it.
What the IBEW Local 102 wage & benefit bond actually guarantees
A wage-and-benefit bond is the security a building-trades union asks a signatory employer to post alongside its collective bargaining agreement. IBEW Local Union No. 102 negotiates rates of pay and benefit-fund contributions on behalf of its members, and the bond backs a contractor's promise to actually remit what the agreement requires.
It is a private, contractual requirement, not a New Jersey licensing statute: the arrangement runs between the contractor (the principal), the surety, and the union or its benefit funds (the obligee). If a signatory contractor falls behind on wages or benefit-fund contributions covered by the agreement, Local 102 or the affected fund can make a claim against the bond, and the contractor then owes the surety for whatever it pays out.
There is no fixed statutory amount — the bond amount is whatever your agreement with Local 102 specifies, and it can be revisited as your union payroll changes. Enter the figure your contract requires; we price the bond at 4% of that amount, $100 minimum, after a quick soft credit check that never affects your score.
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 union. Your executed bond and power of attorney arrive by email, ready to file with the local's benefit-fund office. 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, priced at 4% of your amount.
These are the actual underwriting fields, including entity details and a one-time credit consent. That consent authorizes a soft pull only — it never runs a hard inquiry or touches your score.
Start the application →Common questions.
Other New Jersey bonds.
Price and requirements checked on the carrier’s application, . Page updated .
Post the Local 102 bond your agreement requires.
Priced at 4% of the bond amount, $100 minimum, after a soft pull only. Enter the amount Local 102 set and file the same day.