There is a wide variety of bonds. You may think that surety bonds and bail bonds are the same, but you are wrong. These bonds serve the same function, but they are used for different reasons. Criminal courts handle bail bonds for custodial release. On the other hand, civil cases use surety bonds. Here are a few things you should know about the different bonds.
Where is a bail bond used?
The bail bond is used in the criminal court system. If you have been arrested and taken into police custody, you will need a bail bond for release. The process is simple. You will appear before a judge for a bail hearing. The judge will determine your bond amount. If you can pay the bond, you will be released from custody. If you fail to pay, you will remain in jail. Some people use the services of a bond agent. These companies will help you post bail. You will pay 10 percent of the bond. They will cover the remaining amount. The bond agent charges a fee for their services. You must show up for court. If you fail to do that, a warrant can be issued for your arrest.
What is a surety bond?
A surety bond is used in civil court cases. This type of bond guarantees that a financial obligation will be met. There are three parties involved with a surety bond. These parties include the principal, the obligee, and the surety. The principal party is the one who takes out this bond. The obligee is the party that promises the payment. If the obligee does not meet these requirements, the surety will meet the financial costs. All bonds carry an indemnity clause in the contract.
Are there different types of surety bonds?
There are four types of surety bonds. A contract bond is used by construction companies. This bond guarantees that work will be completed on time. A commercial bond is used by licensed companies. It ensures that all work is completed within the codes and regulations of the state. A fidelity bond covers companies from employee theft. A standard surety bond protects companies from financial loss.
If you need bail bonds Arapahoe County Colorado, you can find the right agent for you. They will help you find a bond for your special situation.