What is Bail Bond
Perhaps you have already heard someone saying so and so has been released on a bond of a given amount by a court of law. So what is a bail bond? Simply put, it is a form of surety bond offered by a bail agent or Bond Bondsman aimed at securing the release of a defendant from jail. They come in two forms namely criminal and civil bail bonds.
Criminal Tye: As the term may suggest, it is mainly used to secure a release of a defendant facing criminal charges. It allows the defendant to be out of jail and guarantees that he or she will show up as and when needed in court. The role of the bail bond is to give an assurance that the accused person will appear in court or that the penalties or fines decided thereof can be paid.
Civil Type: It is mainly used to guarantee the settlement of damages as may be assessed by a competent court presiding over a civil case. Some of the matters may include payment of debt, interest or such other costs as may be determined against the defendant.
How Do they Work?
Upon presenting a request for bail, the judge or a magistrate sets a mail amount that can be paid by the defendant or a bondsman. Where the defendant is unable to post it, he or she may be required to pay 10% of the bail amount to the Bail agent. This amount is then secured by the collateral of the defendant or relatives and friends. In many cases, extra cash is usually needed together with the collateral before posting it.
Where a defendant fails to appear before the issuing court after securing a release, the remaining 90 percent of the amount is forfeited and the court retains it. Subsequently, the person posting the bail will use the collateral so pledged such as a house, jewelry, stocks or car logbooks to pay the court the outstanding amount. Where a defendant honors the court summonses and appears before it, the amount will stay intact. Upon determination of the court case, the court shall dissolve the bail bond and collateral returned to the party that posted it. The person who posted the bail keeps his or her 10 percent as the fee or charge.
Bail bonds are crucial since they allow defendants the freedom to continue doing their daily things as the case pends before the court.
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