What is the purpose of a surety bond?
When a person is arrest, the arraignment before a judge is when the amount of bail is required to be released. A bail is paid in cash to the court, or the person can obtain a surety bail bond. What is surety bail bond?
A surety bail bond is obtained from a licensed bail bond agent or company. Ten percent is paid by the defendant (or on behalf of the defendant by a family member or friend) to the bail bond agent or company, who then posts bail to the courts on the defendant’s behalf. A surety bail bond is not refundable.
A surety bail bond is a three-party contract with a promise by a person to bay a debt liability, a default, or failure of another person.
How does a surety bail bond work?
When you have a love one or a friend in jail, helping them be released is the next step after making sure they are okay. However, most of us do not have the amount of cash it take to post bail, so obtaining a bond is the next step.
A surety bail bond can be obtained from a licensed bond agent or company for 10% of the bail amount. Once the premium of 10% is paid upfront, which is non-refundable, the bail bond agent will cover the remaining about of the bail and the defendant is release.
While the key advantage and point of a surety bail bond is the defendant being released quicker, there is risk involved for the person obtaining the surety bail bond for them. The number one risk is the defendant leaving town and skipping out on bail. If the defendant doesn’t appear in court as ordered by the judge, the cosigner is responsible for paying the bail bond agent or company back for that full bail amount.
Are surety bonds refundable?
Generally when a surety bail bone is purchased, it is deemed “fully earned” for the first term, which is typically one year. What that means is that a surety bail bond purchased, you cannot get a refund for the first year after it was purchased. Certain situations make an exception t this policy:
- If be surety bail bond wasn’t submitted to the court and the original bond is returned to the surety company.
- If the surety bail bond is cancelled mid-term.
- If the surety bail bond is cancelled after the first term and a renewal term has been obtained.
The amount of money refunded under those situations is based on the amount that was paid, aka the bond premium. The surety bail bond company will work from a predetermined schedule for the amount that will be refunded.
Do you pay surety bonds monthly?
A surety bail bond is quoted as a onetime purchase term, there is no payment plan offered. The terms can be set at one year, two year, or three years.
Do you get your money back on a surety bond?
When you enlist the services of a bail bond agent for a surety bail bond to have a family member or friend released from jail, you will pay only a percentage of the bail set by the judge. This amount is non-refundable to the bail bond agent, and as long as the defendant appears for all court appointed dates, the full bail will not need to be paid. The fee the bail bond agent charges is not refundable in any case.
How do you cancel a surety bond?
The provision for every type of bond are different, such as bid bonds or performance and payment bonds. The first, a bid bond, is closed when the bid is closed. However, a performance or payment bond, a surety bail bond, required for getting a person released from jail, can only be cancelled by a legal affidavit signed by a judge.
Another means of surety bail bond cancellation is the person who obtained the bond to cancel. If it is suspected that the defendant isn’t going to follow the rules set forth and comply with the surety bail bond conditions, the person that obtained the bond can cancel said bond. The person that desires to cancel the bond will need to contact the surety bail bond agent or company for instructions.
What happens when a bond is canceled?
Once a surety bail bond is cancelled, the accused will be returned to jail until their court date. Cancellation should be done with ample forethought to the repercussions like the defendant can’t return to work.
The surety bail bond fee is usually not refunded since the accused defendant did not appear in court. If property or cash was put up for the bond, that will be returned after the defendant is incarcerated or appears for all court dates and is released from all obligations by the judge.
What is the difference between a surety bond and a bail bond?
A bail bonds involves only the defendant and the presiding court where the defendant is being held. A surety bail bonds is a process that involves three parties which includes the court, the defendant and the surety bail bond agent. Call 317-423-9300 today for surety bond in Avon and Indianapolis, IN.