If you’re wondering what is a bail bond, here are some definitions and facts about the bail bond process: Indemnitor, collateral, cost, and forfeiture. Bail bonds are often used for the release of a person from jail. Here are some definitions that might help you decide whether this service is exemplary for you. You’ll also learn how to avoid paying too much for a bail bond.
Indemnitor
Indemnitors have a variety of responsibilities when dealing with a bail bond, including ensuring that the defendant shows up to court. In some cases, an indemnitor is entitled to revoke the bail bond in certain situations, such as when a defendant skips court dates or fails to meet other financial obligations. However, these situations should be uncommon.
If a defendant does not show up for court, the bail agent may attempt to track them down. Sometimes, a bail bond agent will hire a fugitive recovery agent to track down the defendant. However, this service is expensive, and the indemnitor will still be responsible for the total amount of the bail. However, if the defendant cannot attend court, the indemnitor may have to pay the costs to retrace the defendant.
Collateral
While you may wonder why someone would use collateral for a bail bond, it is common practice. Bail bonds Lancaster County, PA, are expensive and require a 10 percent deposit, usually in the form of something of value. A cosigner is a person who agrees to take on the role of a cosigner and negotiates with the bail bond agency on your behalf. In most cases, the collateral is something of high value that you will not mind giving up to get out of jail on time.
In addition to real estate, collateral can include musical instruments, computers, and other entertainment technology. In some cases, it may even be possible to use a defendant’s car as collateral. If so, discuss the value with your bail bonds agent and have them look it over. Similarly, valuable jewelry, including diamonds and gold, can be used as collateral. You can even use firearms and other items to serve as collateral. The bail bond company must see that the things you put up as collateral have market value.
Cost
New York State laws determine the cost of a bail bond. In general, bail bonds cost ten percent of the bond’s amount. Some jurisdictions require collateral to obtain bail bonds. However, this premium cannot be paid in installments, so it must be paid in full. If you’re providing cash as collateral, you may be able to pay the premium in installments. However, you should always ensure that you’re aware of the fees charged by bail bond providers before making a decision.
Some bail bondsmen don’t charge additional fees so they may charge a fifteen percent premium instead of ten percent. This fee covers administrative expenses, such as telephone and court time, but cannot exceed the cost of your bail bond. When looking for a bail bond agent, consider their fees and premium. You’ll probably need a bail bond for the whole bail amount, but it doesn’t necessarily mean that a felony will increase your bond’s cost.
Forfeiture
A judge may declare a defendant’s bail bond forfeited if they fail to appear for scheduled court appearances. The judge may also order the surety to forfeit the bond. A bond forfeiture order is an order that the surety must comply with promptly and legally. If you are the surety, you should immediately seek remission. You will face additional penalties if you fail to comply with this order.
If you are sure, you are entitled to compensation if your client is found guilty of a crime. The amount of the compensation should be reduced by the expenses the state incurred in pursuing the case. Whether you’re entitled to compensation for bail forfeiture depends on your jurisdiction. If your surety is denied remission, you should file a motion for compensation with the appropriate court.
