Definition of 'Bail Bond'
The person who posts the bond is known as the surety, and they are responsible for ensuring that the person appears in court for their trial. If the person fails to appear, the surety is responsible for paying the full amount of the bond.
Bail bonds are typically used when the person charged with a crime does not have the financial resources to post bail themselves. In these cases, the surety can post the bond on behalf of the person and then collect the money from the person once they have been released from custody.
There are a number of different types of bail bonds, each with its own set of terms and conditions. It is important to understand the different types of bonds before you decide which one is right for you.
The most common type of bail bond is a cash bond. With a cash bond, the person who posts the bond simply pays the full amount of the bond to the court. The money is then returned to the person once they have been released from custody.
Another type of bail bond is a property bond. With a property bond, the person who posts the bond pledges a piece of property, such as a house or car, as collateral. If the person fails to appear in court, the court can sell the property to satisfy the bond.
A third type of bail bond is a surety bond. With a surety bond, a surety company agrees to pay the full amount of the bond if the person fails to appear in court. The surety company typically charges a fee for this service, which is typically 10% of the bond amount.
Bail bonds can be a helpful way to secure the release of a person who has been arrested and charged with a crime. However, it is important to understand the different types of bonds and the terms and conditions before you decide which one is right for you.
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