Here Are 4 Bail Bond Terms Everyone Needs To Know Before They Get Into Trouble With The Law
Bail allows many people to get out of jail while they wait for their hearing. Not only does this make it easier on your loved one and your entire family, but bail provides the necessary time needed to craft a good defense. So, check out these 4 bail bond terms to know.
1. Bond Premium
When you take out a bail bond, the bail agent is taking all the risk. In order to ensure they make money, they have to charge for their services. Florida bail bond agencies charge a fee of 10% of the bond. This is to pay them for handling the paperwork to get you released. However, federal bonds may cost closer to 15%.
If the bail is below $1,000, you may have to only pay a flat rate of $100. The court will refund the bail amount to you in full regardless of the verdict in the case. However, the bond premium is not refundable.
2. Bail Conditions
The courts often set the bail conditions. For example, if your loved one was arrested for breaking and entering while they were drunk, the court may order them to stop drinking or attend Alcoholics Anonymous meetings. If they neglect to comply with these bail conditions, the court may revoke the bail. When this happens, the courts may no longer trust them enough to allow bail.
In addition, the bail bond agent may also set certain conditions to ensure your loved one will attend court hearings. This may include not allowing them to leave the state for fear they may run. Failure to follow these conditions may result in fines and fees with the bail agent.
3. Collateral
Collateral is often used in loan settings to guarantee the lender will recoup their money. It is also commonly used when taking out a bail bond, but it needs to be worth enough to cover the total loan amount, which may mean using your home as collateral. Collateral protects lenders because if you don’t repay, you forfeit the collateral. In other words, the lender can take it and sell it to recoup their loss.
In the event of a bail bond, this often happens when your loved one fails to show up to hearings. Regardless of whether they are found guilty or not, collateral is returned as long as you and your loved one follow all the rules.
4. Indemnitor
In many cases, an arrested individual can’t take out a bail bond on their own. They may have poor credit or no collateral. In this case, they may need an indemnitor. An indemnitor serves as the co-signer to a bail bond, and being an indemnitor comes with a few duties. If you choose to become an indemnitor, you need to be aware of your responsibilities and risks.
First, you must ensure your loved one will appear in court. If they don’t, you may be responsible for paying for a bounty hunter to track them down. Second, if your loved one runs, and no one can find them, the bail bond agent is out of a lot of money. However, any indemnitor is also responsible for the debt, so you may be responsible to cover their loss.
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Information detailed in this article is not construed as legal advice. The information provided in this article is for informational purposes only.