An indemnity bond provides coverage for the loss of an Obligee in the event that the Principal fails to perform according to standards agreed upon between the Obligee and the Principal. A surety is a person obligated by a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the surety's performance will first try to collect or obtain performance from the debtor before trying to collect from the surety. A surety is often found, for example, when someone is required to post a bond to secure a promise.
West Virginia General Form of Indemnity Bond
State:
Multi-State
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Control #:
US-03111BG
Format:
Word;
Rich Text
73 downloads
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FAQ
Property Bonds: Property (e.g. land or home) may be used to post bail, provided that the net equity in the property meets or exceeds the amount of bail. To determine net equity, deduct any liens, mortgages, or deeds of trust, as well as ground rent, capitalized at 6%, from the assessed value of the property.
Depending on the type of contractor work performed, a bond may be required in the amount of $5,000 or more, but licensed contractors do not pay this full amount. The surety company providing the bond calculates the bond premium paid by the contractor as a percentage of the total bond to be secured.
West Virginia Bail Bonds Information West Virginia bail bonds are 10% of the total cost of the bail bond. After collecting fees, bail bond agents make sure that the defendant goes to all scheduled court appearances or the bond is forfeited and a warrant is issued.
§62-1C-12. (a) When the condition of the bond has been satisfied or the forfeiture thereof has been set aside or remitted, the court or magistrate shall exonerate the surety and release any bail and, if the bail be in a form other than a recognizance, the deposit shall be returned to the person who made the same.
§62-1C-1. A person arrested for an offense punishable by life imprisonment may, in the discretion of the court that will have jurisdiction to try the offense, be admitted to bail.
The 10% premium is required by West Virginia law. However, West Virginia law also dictates that a minimum of 3% of the bond be paid as down payment for the bondsman to post the bond. The remaining amount due can be paid in installments to the bondsman.
Property bond means a financial guarantee approved by the court, secured by property, real or personal, that the defendant will appear in court as ordered.
While many states require vehicle owners to purchase a surety bond as part of the titling process, some don't, such as West Virginia.
