Is There a Difference Between Bail Bonds and Surety Bonds?

Is There a Difference Between Bail Bonds and Surety Bonds?

When you need a bond, there are several options available for you. The most common choices are surety bonds and bail bonds. These bonds are used in different situations. Here are a few things you should know about these bonds.

When should you use a bail bond?

The criminal court system uses bail bonds. When you are arrested for a crime, you will be taken into police custody. A bail hearing is scheduled, and you must appear before a judge. The judge will set the amount of the bail bond. If you can pay it, you will be released from jail. Some people choose to use the services of a bail bond agency. They help pay for the bond. You must agree to make all court appearances and pay the 10 percent deposit. If you cannot afford the deposit, you will remain in jail until your court date.

Is a surety bond used like a bail bond?

Bail bonds are used for criminal cases. Civil cases require the use of a surety bond. The surety bond guarantees a financial payment. There are three parties for the bond. The principal, the obligee, and the surety are the main parties in the agreement. The principal is the one who takes out the bond, the obligee must make the financial payment, and the bond is paid by the surety. All surety bonds carry an indemnity clause as well. All the risk is on the principal for this bond.

What does a surety bond cover?

There are several types of surety bonds available for you. Contract bonds are used for construction companies. These bonds guarantee that construction work will be completed. A commercial bond is used by licensed companies to comply with building codes and regulations. Fidelity bonds are used for companies that handle large amounts of money. The bond protects them from employee theft. Bail bond companies use surety bonds to protect them from financial loss.

When you need bail bond Weld County CO , there is an option for you. An experienced agency will help you get out of police custody.

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