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We've all heard on the news, "So-and-so has been launched on $50,000 bail." But what does this truly indicate? What is a bail? How does it vary from a Bail Bond?
When someone is detained for a criminal activity, they are kept in jail up until their court date, up until the judge decides to let them go on their own recognizance, or until they are launched on bail.
* Please keep in mind that we (Surety Solutions) do not Click for info provide Bail Bonds. This post is indicated to be an informative post. *.
what is Bail?
Bail is a set amount of money that acts as insurance between the court and the person in prison (the offender.) Offenders have the option to pay their bail in money, but lots of can not do this.
Considering that bail is typically set at a high amount, many offenders are financially unable to post bail on their own. They seek help from a bail agent, or Bondsman, who posts a Bail Bond for them.
What is a Bail Bond?
A Bail Bond is a kind of surety bond offered by a surety bond business through a bail agent or Bail Bondsman that secures the release of an accused from prison. There are 2 kinds of Bail Bonds:.
Criminal Bail Bond: utilized in criminal cases and assurances that a defendant stand for trial when called upon by the court and warranties payment for any fines or penalties that are decided against the defendant.
Civil Bail Bond: utilized in civil cases and guarantee the payment of the financial obligation, plus interest and costs, examined against the accused.
How do Bail Bonds Work?
A judge sets a bail quantity. If the accused can not pay the bail quantity on their own, they can seek help from a Bail bail bondsman in the kind of a Bail Bond.
To publish a Bail Bond, an accused is typically needed to pay a Bondsman 10% of the bail amount.
The Bail bail bondsman will then protect the rest of the bail quantity in the form of collateral. If the offender does not have enough collateral, the Bail Bail bondsman may look for relatives and good friends to assist in covering the bail.
Many times, an extra cash payment plus full security is required for a Bail Bond to be published.
what occurs next depends upon if the defendant appears in court after being launched.
If offender fails to appear in court: The Bail Bond is surrendered and the court needs the remaining 90% of the bail to be paid. The Bail Bail bondsman will utilize the defendant's collateral (house, fashion jewelry, stocks, etc) to pay the court the staying bail quantity.
If a defendant does stand for court: Upon conclusion of the lawsuit, the Bail Bond is liquified and the collateral is returned to the person who published it. The Bondsman keeps the 10% money cost as profit.Bail Bond Example.
For instance, John is jailed. The court set John's bail at $10,000. John desires to be released from jail but he does not have $10,000 in cash, so he seeks help from a Bondsman to post a Bail Bond for him.
The bondsman needs $1,000 to publish a Bail Bond for John, hence launching him from prison.
For the other $9,000 of bail, the bail bondsman protects security from John and/or John's family. Collateral could be in the form of a car, a house, fashion jewelry, etc
. As long as John appears at all needed court dates, the Bail Bail bondsman needs say goodbye to money and the Bail Bond is dissolved at the conclusion of John's case. John's would get his $9,000 in collateral returned, however he would not get the $1,000 back; the bail bondsman would keep this as revenue.