Understanding Bail Bond Company Work
Understanding bail bond company work involves examining the laws, rules, and regulations covering contracts between companies and accused individuals. Bail bonds ensure that a person arrested will return to court for their proceedings.
They are a form of surety bond and are typically secured with collateral. State law regulates them, and they are authorized to charge a non-refundable fee of 10% of the final bond amount.
What is a Bail Bond?
A judge establishes their bail amount after a defendant is taken into custody and accused of a crime. If the accused cannot afford bail, they can ask a friend or relative to post a bail bond.
Typically, the person who wants to bail out a friend or relative must pay a portion of the bail amount to the bail bondsman and provide collateral for the remaining amount. The indemnitor must also agree to ensure the accused appear on their scheduled court dates.
It is essential to understand that a bounty hunter may be hired to locate them if the defendant does not show up on their court date. This can be very expensive for the bail bondsman and should be stipulated in their contract with the accused. It is also essential to provide the bail bondsman with as much information about the accused as possible so that they can track them down quickly.
What is a Bail Bond Agreement?
Bail bondsmen are licensed to write contracts (guarantees) for accused people. These contracts require the defendant and sometimes other individuals to promise to pay the bail bond company Allentown PA if the accused fails to attend all court proceedings. The contract can also require collateral, such as the deed to a house, automobile, or other property.
If the accused fail to abide by all conditions and requirements of their release from jail and miss their court dates, they become fugitives. When this happens, the bail bond company must pay the court and locate the fugitive with bail recovery agents (bounty hunters).
This process is often financially taxing on the people who sign the contract with the bail bondsman, as they often lose valuable assets. This is a big reason that some bail bond companies are willing to work with accused people on payment plans, as even the most reasonable amount of bail can be out of the range of many families’ financial means.
What is a Bail Bond Fee?
A bail bondsman charges a fee, or premium, to post your bond. The bail fee can differ depending on the state and is typically approximately 15% of the total bail amount. They also require collateral, including jewelry, cash, cars, and house deeds.
The person who pays the bond may have to call the bail bond agent and attend periodic court appearances. They also agree to allow the bail bondsman to check on them to ensure they follow their obligation to appear in court.
Failing to follow through with your obligations as part of a bail bond can result in the forfeiture of the collateral used to secure the bond. A bail bond company is financially liable for clients that skip court, so they often hire recovery agents to locate and apprehend them. These bounty hunters can have significant power, operating on multiple states’ borders and using force to capture fugitives.
What is a Bail Bond Collateral?
A bail bond collateral is something of high value that the bond company will hold to secure an agreement with the defendant. This property may be a significant value home, car, or other item. If the defendant fails to attend court dates, the bail bond company can seek reimbursement from or forfeit the collateral.
The person putting up collateral must provide proof of ownership. In the case of a vehicle, the individual will continue to possess the vehicle but will hand over the title. The company can then sell the item to recoup its losses.
Jewelry is another common type of bail bond collateral. However, the kind of accepted jewelry will vary between bail bond companies. Generally, only items that maintain their value over time will be accepted as collateral. Cash is less commonly used but is sometimes accepted by bail bond companies. This is likely because it is easy to obtain this kind of collateral.
