Sometimes people find themselves behind bars even when they have tried their best to keep the laws. If you find yourself arrested for whatever reason, one of the best ways to regain your freedom as you build your defense is through a bail bond. A surety bond is one of the many types of bonds that you can opt for when you have been arrested and need to stay away from jail or remand as you attend court hearings.
So, what is a surety bond? Why is this bond common? Well, a surety bond can be defined as a contract between three parties and can help you be out of bail. These three parties are:
- The Obligee
- The Principal
- The Surety
Let us now discuss the roles of each of these three parties:
The obligee is the party that is the recipient of the obligation. In this case of a bond, the court is the obligee. You as the person being bonded will be the Principal. You are the one to perform the contractual obligation. The Surety is the party that will assure the obligee of the Principal’s ability to perform the tasks that they are obligated to. In this case, a bonds company is the surety.
In simple terms, a surety bond is a promise that the bail bonds company makes to the courts that they will pay a certain amount of money if the defendant does not fulfill the terms of the bail. If you failed to show up in court, the bail bonds company would have to pay all your bail if you do not show up. The surety is a good guarantee to the court that defendants will not run away while they are out on bail.
The bail bonds companies pay annual fees for them to be granted the ability free defendants out of jail even when they do not pay the full amounts in surety bonds for these defendants.