How Does a Surety Bond Work?

A surety bond in bail making is money in cash or property that guarantees an accused person will attend court appearances as required. The bonds allow the defendant to be released from jail pending the completion of their case. The surety bond is an agreement between the bondsman and the accused. It is backed by the company and signed by the agent on behalf of the company.

An Indianapolis bail bondsman or Indianapolis bonds agent provides surety to have the defendant released. The inmate, in turn, pays around ten percent of the total bail amount. The collateral should be enough to cater for the bond full amount if the accused misses their court dates.

Surety bonds are different from cash bonds. When bailing someone out of jail using a cash bond, you have to provide the full amount demanded by the court before the accused is released. The cash is held as collateral until the conclusion of the case.

SURETY BOND COMPANY

Why Surety is Preferable When Faced with Criminal Charges

In most cases, people will not be able to raise the colossal amount of money set as a bond. Even if you could afford the cash, it is not shrewd to have your money tied to the case that may take weeks on end to be over. It is, therefore, prudent to involve a bail bond agent near me to provide a surety bond for accused release.

Bail agents are referred to as sureties because they promise to ensure the defendant adheres to all bail conditions and attends court dates. A bonds person, also referred to as a bond agent or bail agent in Marion county, are people licensed to sell surety bonds by the state Department of Insurance.

Third-party involved in the surety bond agreement need to sign a promissory note. This is a contract to pay the entire bail if the accused misses the court date.

Surety Bond Guarantee

You shouldn’t decide to involve the bail agent lightly. A surety bond requires paying an upfront nonrefundable 10 percent of the bail amount. Besides freeing the defendant, the 10 percent fee charged by the Indiana bail bondsman helps to buy insurance required by the agent’s company to pay to its obligations. This insurance is referred to as a surety bond guarantee. It gives the court assurance that the bail bonds agent will pay the full bail if the defendant fails to show up for the court. The insurance company requires agents to make payments into a fund reserve. The pool helps the companies to cover for losses from insuring surety bonds.

The surety bond guarantee enables a bail bond agent to arrange for blanket bail with the courts. The bond agents do not have to deposit cash in court for each client. A blanket bond provides compensation to the court in case the defendant fails to show up for court date.

A Surety Bond is Beneficial

This guarantee is greatly beneficial in the sense that it promises to cover bail in case the defendant fails. Surety bond comes in handy if you do not have enough cash to pay cash bond or bail someone out of jail. However, you should be ready to part with a nonrefundable fee. The bond is subject to forfeiture of the defendant fails to appear in court. If you have a friend or a family member that is need of a surety bond, call the Indiana bail bond agents at Bail Bonds Indiana a call at 317-279-6854 today!