Bonds - What Is A Surety Bond
Download bond forms in Word format. Bond forms include bail bonds, criminal appeal bonds, bonds to secure real estate, construction bonds, corporate bonds and immigration bonds. Court pleadings or proceedings related to bonds are also available.
See also Bail Bonds
Do You Need Bond Protection? License Bond
What is a bond? Payment Bond
In simple terms, a bond is an instrument that compels payment of a specific sum of money. A bond imposes an obligation upon an individual to pay a specific sum of money to another person on a fixed date.
Bail Bonds Legal Bond
The term "bail bond" is often seen used. What are bonds in the context of bail law? Bail is the surety/ money a defendant or pays in order to ensure the appearance of the defendant in the court on a later day. A bail bond compels payment of bail amount. In order to help defendants who cannot afford to pay the bail amount, there are entities such as bail bonding agents and bail bond companies. A bail bonding company acts as a surety for the appearance of defendants and issues bail bonds. On the assurance of a bail bond company, a court will allow the defendants to go free. In return, bail bond companies charge a percentage of the amount of the bond and also require the defendant to furnish collateral security. The company issuing the bail bond surety has to pay the bond as a penalty if the defendant fails to appear on the specified date in the court. If the bail bond agent believes that the defendant s/he bailed out is about to flee, s/he can cancel the bond performance and arrest that defendant. Bail bond agents are licensed and bonded by state law.
Surety Bonds Appeal Bond
There are several types of bonds where each bond is different and has a specific purpose. In the context of bails and bonds, a surety bond is a type of security bond given for the amount of the bail and guarantees an accused person's return to court. In finance, a surety bond is a bond in which one party promises to pay a specified sum to the other party if a third party fails to meet some obligation. In either case, a notice of bond should be filed before making claim on a surety bond.
Surety bonds may be of different types depending upon their field of use. A surety bond issued by an insurance company in order to assure completion of a venture by a contractor is called a performance bond. Another type of surety bond is a construction bond. It is issued by investors to protect themselves against any failure in completion of construction by builders. A payment bond is a surety bond issued by a contractor to guarantee payment to sub- contractors.
Other Bonds Fidelity Bond
There are also other forms of bonds like bid bonds, fidelity bonds, and license bonds. A bid bond is issued for the purpose of providing an assurance to a project owner to the effect that the bidder will undertake the job. Fidelity bonds are insurance bonds that protect policy holders from losses. A license bond is a mandatory bond for securing a license to pursue some business or profession.
An appeal bond is a bond given when a judgment is appealed. It is given as an assurance of payment of the original judgment amount. An appeal bond is given at the time of filing a notice of appeal or after obtaining the appeal order. Another type of bond filed at the time of appeal is the supersedeas bond. It is filed by an appellant to delay payment awarded in the original judgment pending the appeal.
Bond FAQs Surety Bond Pdf
What are bonds? Bonds Papers
Bonds are debt instruments in which one person guarantees the debt of another person. By issuing a bond the obligor obliges to pay a certain sum of money on a certain date.
What are bail bonds? Bond Example
Before releasing an accused person from custody, the courts will order such a person to pay a certain sum of money. This money is called bail and it is ordered to ensure the defendant's return. To help defendants who do not have enough money to pay the bail amount, bail bond companies issue bail bonds. A bail bond is a guarantee made on behalf of a defendant that the defendant will appear in court at the specified time. The courts issue a notice of bond forfeiture to the bond surety if the defendant fails to appear in court on the specified date. Bail bonds are governed and bonded by state statutes.
What is a bond hearing? Performance Bond
A bond hearing is a legal proceeding held before a judge to determine if the defendant can be released on bail bond and if bail is granted, at what bail amount. It is generally held within 48 hours of the arrest. The constitution of the United States provides the limits of bond amounts to be charged for a particular crime. Question: What happens if the defendant released on bail fails to appear on the specified date? Answer: When the defendant released on bail misses a court appearance on the specified date, the court will schedule a forfeiture hearing and the date will be given by a notice to the defendant, bail bonding agents, the bail bonding company and other parties involved. If the defendant fails to appear before the forfeiture hearing the bond performance will be canceled and bond will be forfeited.
What does bail bond exoneration mean? Requirements For A Surety Bond
Bail bond exoneration is a legal process in which the liability for the amount of bond is discharged. A bail bond is exonerated if the defendant appears in the court at the specified dates. It is done after the adjudication. When a bail bond is exonerated, the bail bond company will not have any future financial obligation in relation to the defendant's case.
What are surety bonds and what are the different types? Construction Bond
Surety bonds are instruments in which one person agrees to pay a certain amount of money to another person, if the other person's debtor fails to pay the amount. A surety bail bond is a bond given for the bail amount to assure return of the accused person to court. There are various forms of bonds which vary in their purpose and nature.
Performance bond - Performance bond is a type of surety bond issued by an insurance company. It is issued as a security to ensure the completion of a project by a contractor.
Construction bond - Construction bond is a type of bond issued by investors. Such bonds are issued to protect investors from the loss caused to them by uncompleted projects by builders.
Payment bond - Payment bonds are security bonds issued by contractors. Such bonds are issued to ensure payment to sub contractors.
Bid bond - A bid bond is a type of bond that ensure the project owner that the bidder will undertake the project.
Fidelity bonds - Fidelity bonds are bonds issued by insurance companies to protect their policy holders from losses.
License bond - License bonds are bonds prescribed by statutes to pursue a business or a profession. Such bonds are mandatory to secure a license in order to engage in certain businesses or professions.
Appeal bond - Appeal bonds are given as a guarantee for the payment of an original judgment amount. It is also known as a supersedeas bond.