What You Need to Know About Bail Bonds

A surety bail bond can be posted by a bail bondsmen in court.

Surety is a form of insurance policy, which the courts enable to take the place of real money. By definition, surety allows another individual to appear in court or pay a debt in place of another person.

Surety may be submitted in states that take Surety Bonds.

One of the responsibilities of bondsmen is to be in contact with the individual’s family – the defendant’s “co-signer.”

The co-signer has to pay the bail company a portion of the bond’s amount (typically 10 percent) where the amount is determined by their state. The co-signer will need to register a contract/promissory note claiming to cover the whole sum in the event the defendant does not show up to their court date(s).

On larger bond levels (commonly $5,000 and upward) collateral is required. Collateral can be in the sort of: money, vehicle title, home deed, 401 k, or any other type of invaluable asset. The security is held by the company along with a lean that may be filed on mortgages.

Usually, family members are educated that it is essential to take out an insurance plan with bondsmen. Similar to what you would do with a car or home insurance, yet this insurance policy is to appear in the courtroom. The premium of 10 percent is fixed and is usually the same in all organizations. For a bail bonds company to bill less than the set amount is technically not legal and is called “rebating.” When an agent is caught rebating, they could potentially lose their insurance policy permit. However, this doesn’t stop desperate companies from undercutting.

Once the bond has been submitted and the defendant is released, they will need to complete precisely the very same paperwork that the co-signer did. Even the bondsmen will discuss the terms of the bail bond. The court would probably establish their terms and so will the bail bonds company, and make sure the defendant knows. Not knowing is no excuse and the defendant is expected to abide by the stipulations.

Bondsmen has a right to terminate a bond when the requirements are not met, such as: calling the company to check in once every week. Not being able to check in can result in cancellation of the bail bond with the defendant going back to jail.