A 2024 Guide to Posting Bail and Surety Bonds
Many people who get arrested are able to secure their freedom through bail. Bail amounts are set by the court based on crime severity and flight risk. Bail agents licensed and knowledgeable help facilitate posting about legal guidelines.
To obtain bonds, contractors must be prepared for a rigorous review the surety underwriter’s credit department looks at financial statements, scrutinizes projects and dissects contracts.
What is a Surety Bond?
A surety bond is a contractual agreement that guarantees performance by a party. The party receiving the guarantee is referred to as the obligee and the party providing it is known as the surety or principal.
Obtaining a surety bond involves several steps. First, the principal must determine the exact bond amount they will need. Then, they must complete the required application. They must also be prepared to provide any additional documentation that may be requested by the bonding company.
Once all the necessary information has been provided, the bonding company will usually issue a quote within 24 hours. A great surety agency will make the bonding process as smooth and painless as possible, while still keeping rates competitive. The key is working with a knowledgeable and experienced agency that will take the time to understand the specific requirements of each individual client then they will work hard to find them the best possible solution.
What is the Difference Between a Bail Bond and a Surety Bond?
There are several different types of bonds. The most common type of bond is a bail bond. A bail bond guarantees that a defendant will appear in court for their case. The defendant will be released from jail if they pay the court the amount set for their bail.
Bail amounts are set by the judge and are typically high for most people to afford. Defendants who do not show up for their cases can face serious charges.
To avoid this, most people seeking to get out of jail hire a bail bondsman this bondsman posts a surety bond for a small fee.
The defendant’s name, social security number and current address are required to complete the bond process. In addition, the applicant must provide a co-signer or collateral to guarantee the bond. Using a co-signer with good credit will allow the applicant to qualify for a lower premium.
How Do I Post a Bail Bond?
A judge sets a bail amount during a court hearing, but not everyone has the cash on hand to pay it directly. That’s where a bail bonds company can help.
To post a bail bond, a person usually applies for it through a standard application and turns over documentation that supports their credit risk. This may include a utility bill, a credit card statement, or even a piece of mail addressed to them at their current address.
A person can also apply for a property bond by pledging real estate that’s worth at least the value of the bail amount. It’s a slower option and requires more collateral, but it allows the bail applicant to get their money back after their case is resolved (assuming they attend all their court dates). A person can also ask that their cash bail be applied toward a fine or fee by submitting a notarized “Application to Apply Bail to Fine” form to the Court Clerk.
How Do I Post a Surety Bond?
The process of obtaining a surety bond can vary based on the type of bond and industry. However, most bonds require applicants to fill out a standard application with information about their credit risk. Some may also require supporting documentation, such as business financial records or a copy of the order that requires the bonding.
Once you have your bond in place, it’s important to always fulfill the agreements you make with customers. If you do not, the obligee or client can file a claim against your bond with the surety company. If the claim is found valid, the surety company will compensate the obligee or client, which you must then pay back.
Some bonds can be filed through licensing portals or even via email, depending on the industry and bond type. For example, many financial services bonds can be filed electronically via the NMLS, while freight broker and installation provider bonds can often be completed online as well.