What is the Purpose of a Surety Bond?

When you are posting bail on behalf of a loved one, you are likely posting what is known as a surety bond. A surety bond is a promise by one party to pay a certain amount if another individual does not fulfill the terms of their contract. What this means is that if your loved one https://freeatlastbb.com/blog/27259/Frequently-Asked-Questions-About-Surety-Contracts/runs while on bail, you are responsible for paying the full bail amount. Let’s take a closer look at how surety bonds work and what their purpose is.

How Does a Surety Bond Work?

After being arrested, your loved one may call you to inform you of the fact that they have been arrested. If bail has been set on their behalf, you may go to a bonding company and try to bail them out of jail. Most bonding companies charge you about ten percent of the bond amount to free your loved one. So, for example, if your loved one’s bond is set at $10,000, you will have to pay $1,000 to get them out of jail. But you will also have to sign a contract that states that you are guaranteeing your loved one will show up for court and abide by the terms of their bail release.

If your loved one does not show up to court and runs, the courts will order the bonding company to either surrender your loved one back to the courts or forfeit the full amount of bond that they have posted. If you are unable to find your loved one and surrender them, they will turn to you, as the surety bond signer or co-signer, to pay them the bond back. In the example above, the full bond that will need to be paid back is $10,000.

What is the Purpose of a Surety Bond?

A surety bond serves two important purposes. First, it helps individuals to get out of jail. Most people do not have thousands of dollars lying around that they can use to post bond. A surety bond helps make posting bail more affordable, as it is typically only ten percent of the bond amount. This helps more people to get out of jail, allowing them to work on their defense and continue to work. The other purpose of a surety bond is to protect the bonding company. While you are only paying the company ten percent of the bail, they can be on the hook for the full bail amount if your loved one runs. A surety bond guarantees that you will pay them back if this happens, offering them some financial protection.

Has your loved one been arrested? Are you looking to get them out of jail as quickly as possible? Then let Free At Last Bail Bonds help. We can help reunite your family at any time of the day.