If you are arrested for being a suspect of a crime, a judge will determine if you will be held in police custody until the day of your trial. If the judge thinks you are dangerous or have a tendency to escape, you will stay in jail until you get cleared of the cases filed against you. If the judge thinks otherwise, he or she will let you go on one condition: you post bail or deposit a sum of money with the court to make sure that you will come back for trial. If you fail to appear in court on the day of your case is heard, your money will be forfeited in favor of the court. If you return, the bail amount will be refunded.
Some wealthy defendants post bail by depositing cash or other liquid assets in full amount. In some federal courts, defendants are allowed to pay ten percent of their total bail amount to get temporary liberty. If he or she appears during the trial, the cash deposit will be refunded. Otherwise, the defendant will be made to pay the 90% balance of the bail amount. For example, if the judge sets the bail amount at $50,000, the suspect can deposit $5,000 to the court. If he or she appears during trial, the court will refund the deposit. Otherwise, the suspect will be ordered to pay the balance of $45,000 to the court.
What is Surety Bond?
Temporary liberty isn’t just for people who have the money or liquid assets to guarantee their presence during trial. Suspects who can’t raise enough money for bail also have their chance to secure temporary freedom. Thanks to the providers of surety bonds who promise to pay your bail should you fail to perform your obligation to the court.
A surety bond is defined as an agreement between a defendant and a bail agent. This agreement, which is backed by an insurance company contract, authorizes the bail bondsman or agent to post bail in order to secure temporary liberty for the defendant. This happens when a defendant asks a bail bond specialist like the surety bond Denver Co provider to put up the bail because he or she can’t afford the bail amount.
Courts honor bail bonds only from licensed providers. In order to obtain a bond, you or your representative pays the bondsman a percentage of the bail amount. Most state laws set this percentage at between 10 and 15 percent. For example, if your bail is set at $1,000 and the surety bond is 15%, you will have to pay the surety company $150 up front. Upon receipt of the amount, the bondsman writes the surety bond that serves as a pledge to the court that you will be present during trial as required, or pay $1,000 if you fail to show up. If the court accepts the bond, you will have temporary liberty.
image credit: Thomas Hawk (flickr.com)